in design, yes. however, Gear lacks a second typing, and we haven't seen it's evolutions yet (if any), meaning it could evolve into something that separates it from the Magnemite line in terms of design. it also has different abilities, and will certainly have different moves, which further separates it from Magnemite.
I hope its evolution stays pure Steel. The only pure Steel-types we have are Mawile and Registeel. The real question is, will Gear fuse into one Pokemon like the Beldum line, or gang up with more like Magnemite :P
also, I find it ridiculous that Zoroark and Zorua are event only Pokemon. if they were legendary, I would be somewhat ok with it (I still don't like the idea of event only legendaries, but at least I'm used to it), but that's not the case. I won't use either of them regardless, but it's the principal that they are limiting the Pokemon we can get. of course, if you can breed and trade them, that would make this much more acceptable.
I'm thinking this is the case. It's like Manaphy, except you can actually evolve it.