No they dont. Large on console is more akin to Small on PC. When I started playing on PC I was astounded by the sheer size of the Large worlds. I can run from one side of a console world to another extremely fast, it takes QUITE a while on PC. Depth too, reaching hell and the lava level in general is much quicker on console. Rudi can likely give exact specifics on the sizes.
Its all about memory in the end though, last consoles had 256 and 512 mbs of ram respectively, the reason why Minecraft and Terraria had small worlds.