You're right, but only in the way a Ducati racebike is just an engine stuck in a frame.
Anthrax Bloke on the 2894:
http://www.spitzwatch.com/WatchMaking/eta/index.html
Google will yield many results on the 2894, but this is the most fun.
Ofrei's description: "12.25 ligne, 37 jewels, Incabloc shock protection, automatic, sweep seconds, date at 4 o'clock. This is ETA’s newest, finest and now highest-grade movement to date. It has been promoted in the major publications directed at the professional watchmakers and jewelers as a symbol of their watchmaking brilliance. Don’t forget the fact that this is an 12.25 ligne automatic chronograph which is quite an accomplishment. "