No, the flavor of Coke and Pepsi are distinctively different. There are very suttle amounts of citrus (mainly lemon and orange) and vanilla flavors in each and the amount of these flavors are different as well as how sweet each tastes. In the mid 80's Coke tried to change the recipe to more closely resemble Pepsi and that didn't go over well at all. I think the new recipe lasted about 3 months before they went back to the old recipe. Last year some employees from Coke tried to sell the formula to Pepsi and Pepsi ratted them out quicker than you can say fizz. Obviously both companies take corporate theft very seriously and look out for each other in some weird way.
FOXNews.com - Three Arrested for Allegedly Stealing, Plotting to Sell Coca-Cola Recipes - Business And Money | Business News | Financial News
Someone told me the other day in some states it is a law that if you are in a restaurant and order Coke and they only have Pepsi they have to tell you they only have Pepsi is that ok and can't just substitute it without asking and vice versa. I don't know if that is true or not.
I too find the regular products too sweet (Coke did have a Coke C2 for a while which had half the sugar) and drink only the diet products. Coke is far superior to Pepsi but I do like Pepsi too.