Hmm, i don´t know, i feel like the wonders are for granting bonuses that they don´t have access to, or that they are lacking, and most wonders are not that great, some are great in the idea but the bonuses are so small, so i don´t think 4 wonders = 2 factories, and i also think the wonders work as a substitute to the lack of euro military upgrades to a certain point, rather than being extra bonuses that go on top of everything else.
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Maybe not, but this is supposed to be what they pretend. Maybe with India and China this is not the case, but with Japan I would say that it is another story.