Yes. Huge difference.
So would the Rapha one perform better, if the fit was the same?
I don't know. That wasn't my point. The performance of both will be sub par if they fit as poorly as they do. What I will say though, is that I regularly wear a PT Base Layer I purchased in October 2012... Still going strong. Worth the outlay IMO.
@J0nathan started
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Yes. Huge difference.