I've discovered that (after warming up) I can get my heart rate up to my target range when I walk at 3.8 mph at a 10% incline. I can also accomplish the same result when I slow jog at 5 mph. My perceived level of exertion is the same (although I feel a little less breathless doing the inclined walk).
Would you say that the two workouts are equivalent? I enjoy the inclined walk a bit more.
btw, I've been working out for over a year and am in good shape physically (still waiting for my "outside" body to catch up with my "inside" body).