It really depends on the complexity of your task. You can build a spreadsheet that will look similar to Project, but won't have nearly the level of detail. And Project can capture elements of just about every aspect of a project and tie metrics to it, like hours devoted, cost, etc. It can also generate some detailed reporting.
There really is no comparison, as Project is a very powerful tool. I believe you can get a 60-day demo of Project, so give it a shot. Note that for collaborating it may not be ideal as each user will need a copy and it is fairly expensive, whereas most people have Excel.
On the flip side, it really is designed for in depth projects and lends itself to professional project management. If you're working on a small project that doesn't have a great deal of elements or complexity it may be too much.
I've been impressed with Project, but found it to be far more than we need, and I run a manufacturing plant. Now for the larger contractors who buy from us, it is ideal for managing their building projects.
Hope that helps,