Not even close. The screen protector that ships with it is tissue thin. It's only on there to protect the phone during shipping. It prevents the other items in the box from damaging the screen as the box moves (cds, books, etc).
Ghost armor/IS is military grade. It literally will stand up to a knife. I've demonstrated this many of times to co-workers. Try taking a knife to the default protector and get ready to cry.
However, with the malfunctions caused by the IS...for now the Verizon protectors where you get 3 for $10 is a good substitute. At least it's better then the default protector.