The new ‘role’ system – admin rights

We read where when you first install WordPress that you are assigned as a level 10 admin, and that no one else has more capabilities and/or rights than you do. However now it seems that WordPress has moved away from ‘levels’ with their latest version, and they just use roles like admin, author, subscriber, etc.

So does this mean that when you assign someone else as a admin with the new version of WordPress, that they have all the powers that the original admin does?