I think you're right there. Consider what happens with the compact digital cameras: I have a Canon Pro 70 that has a 6-15mm zoom which, because of the small sensor size, gives a 28-70mm equivalent. If I set the lens to 15mm (effectively 70mm) then it doesn't distort a portrait any more than a 70mm lens on a 35mm camera would due to the the sensor taking such a small section of the image formed by the lens.
The thing that doesn't change is the depth of field: that's still what you'd get from a 6-15mm lens. This can be a nuisance if you're trying to blur out a background to isolate your subject, or a positive advantage for macro shots.