No they do not, not by any stretch of the imagination. There is no comparison between a soft- BC with padding, cumberbund, etc...and a rigid plate that couples the tank to your back, provides ballast on your back, and a simple webbing harness that is infinitely adjustable and provides a very un-cluttered feel in the water.
Oh give me a break, if it fits, it works, been there done that.
Who the heck wants a cylinder bolted to their back like Sgt. Joe Friday with a broomstick up his backside?
Yes they are different, yes they are adaptable but not everone wants to buy, own, dive or tinker with an erector set. For the single tank diver there are plenty of puts and takes. The fact is that for many BP&W owners it's the first BC they own that fits them hence the Eureka! experience.
Pete