The issue with TSMC/GF "16/14 nm" is that not all important features have been brought down to that level, so the actual shrink is less pronounced than usual. Furthermore, Intel's FinFET's are likely to be more mature than the competition, so I'd be wary of calling the two nodes equivalent. Close, certainly closer than the past, but Intel might retain its lead a bit longer.
Sure, they aren't equivalent, but at least it's closer than 28nm :) Also, while TSMC/GF are fudging the whole "14nm" thing, I would bet Intel is too. Node names are all marketing, and Intel is not above marketing.
nm has been rather misleading for past few generations, Intel is just as guilty as other fabs.
Not everything gets shrunk in modern die shrinks.
What my limited understanding is that transistors might be getting shrunk but wiring connecting transistors is not getting shrunk it is still at some larger number (65nm?)