Depends how good you thought Suikoden II was.But if I'm right in recalling that you agree with me upon its unbridled awesomeness, then no, it's not even close. I'm only a few hours in, though, so that might change. So far it's been interesting enough, and really pretty fun.
And it's not quite the same story as Suikoden IV. It's kind of a prequel-come-gaiden to the events of IV.