You are right, it wont be equal at all.
But everyone will have to start leveling again which means its much more easy to integrate new and returning players.
Also everyone will start sailing on whatever ships they get (except if you are French, in that case you only leave capital if you are maxed out again) so its easier to get fights since losing some random trash ships isnt that bad.
Also economy will be different probably, so everyone will need to figure it out again.