Interesting thread...I can't say I have an answer, but I do know this:
I'm a 17min 5ker, 36 min 10ker. In the winter, I lift weights with my buddy, and then I run on the treadmill while he rides the exercise bike.
We lift every other day, so on off days, i'm outside, and typically only run 3-5 miles.
On the treadmill, I almost always end up going faster than 10 miles per hour. In fact, one week I set out to run the fastest possible 5k on the 'mill.
I set it at 2%, and was able to run 16:30 for the 5k, and 22:00 for four miles. The fitness center we work out at has an older clientele, so it is very hot, and I was dripping with sweat.
My point is this, In mid-February when i've been doing less than 25 miles a week since December, I'm in no way shape or form able to run a true 16:30 5k, or 22:15 for four miles.
I've checked this result against other treadmills, and it seems they are similarily calibrateds. So I figure that treadmill running truly is easier.
I do think you are actually running at the same rate as on the roads. However, the assistance of the machine keeping a perfect pace makes a huge difference. In a typical road 5k, I'm sure my speed varies from just under 10mph all the way to 12 mph. Keeping a constant pace has to be beneficial, especially if you don't have to do it. I would say it is similar to using weight machines versus free weights.