More or less.The Globe's focus is broader than the Herald's, and it tries to be more "upscale" or suburban. The Herald, a tabloid, is more urban/sensational/slick than the Globe. Subscription rates tell the tale of the tape. The Globe does most of its business through subscriptions, while the Herald does most of its business through newsstand sales.
That said, if the Herald were produced in a different format, it'd kick the Globe's ass as a newspaper. It's got much better columnists (Howie Carr, Margery Eagan (even if she's a lefty), Don Feder, etc.) than the Globe---Derrick Z. Jackson just about sums up the quality of the Globe's columnists; Jacoby is their only shining star. The Herald also does a tremendous job at shoe-leather journalism and investigative journalism.