It is, but for the first time, the European and American versions of Chevy's compact car are supposed to be the same.
Everything that we've read has essentially said that GM will combine all compact cars onto one platform and that the Chevrolet variants will share almost everything. This is not only to create better economies of scale, etc, but also to create a "single brand awareness" for a particular product. The only major differences will be the variants (coupe, sedan, hatchback, wagon, etc) sold in various markets.
That is one reason why many are waiting to see what the product will be called. It's very very possible the Cobalt name will be dropped and a new world-wide name adopted; just as Honda does with the Civic or Mitusbishi does with the Lancer, etc.
Let's hope they get it right.
The Daewoo version will also share just about everything with the Chevrolet version, with the exception of the front end, which will be Daewoo specific. Expect the Ople version to look much different and share its look with Saturn while Saab is still slated to get a 9-1. Also, there is slated to be a Buick version (the Excelle's replacement) and possibly a G5 replacement as well, depending on what GM decides to do with Pontiac's future direction.