Not the same thing. AC graphics look inferior and outdated. At least, that's my perception.
I would suggest that you might need to work on those graphic settings, as yes the SMS graphic engine looks good, often over the top, but good, in a flashy kind of way.
But AC, with all the toppings can look also very good and often as good as it gets. AC, with the ad-ons, looks, to me, as next gen as anything out there.
As far as I am concerned (and others have pointed out), I am already playing Assetto Corsa 2
I also feel like I am playing AC 3.0, and some of the ongoing development will bring it higher even and pretty quickly.
AC Unleashed is the ultimate sand box and until their is a major advancement in SIM racing engines, which neither SMS or UE4 are, AC is as actual as they get and will probably stay a top choice for a few years still.
We already have more than AC2 and except for a few donations, it did not cost anything.
If you know where to look there is new content, of the highest quality level, available to download almost every day.
Kunos meanwhile reinvented them-self and are offering us a new kind of SIM experience, full series, realistic to the last skin details, with ultra accurate cars and tracks.
So far we have GT3's and GT4's, let's hope they expand in the future and bring us all our next favourite series in glorious realism for ultimate immersion.
meanwhile, long life to the king of SIM!