Lets work within the Turing machine model of computation and consider halting TMs. Given TMs named T and T', when would you say they implement the same computation? I see at least two possibilities:
1) Call them equivalent if they have the same global output (i.e. T(x) = T'(x) for all x).
2) Call them equivalent if they locally transform the same way (i.e. their transition functions are equivalent in some sense).
In other words, is the step-by-step operation of the TM central to your notion of computation?
I came to this question when reflecting on a discussion here involving levels of simulation. I'm interested in thinking more rigorously about computations we care about in a dovetailing ensemble, and determining where in the hierarchy they are likely to lie.
(Note that the latter equivalence implies the former, and is thus stronger.)
The notion of abstract state machines may be useful for a formalization of operational equivalence of computations.