Not anymore, sadly. It was that way up through WotLK, but they changed it in Cataclysm. I can't find any items of identical item level, but
http://www.wowhead.com/item=84012 is a pair of ilvl 437 green mail intellect pants, with 706 intellect, and
http://www.wowhead.com/item=80910 is a pair of ilvl 435 blue mail intellect pants with 693 intellect.
These days, all item level indicates is either:
1) source (dungeon gear is blue, raid gear is epic, etc), or
2) Level it can be used at (
http://www.wowhead.com/item=80910 is a pair of epic ilvl 440 agility pants that can be equipped at level 87, lower than you'd normally be able to equip something of that ilvl)
Edit: Another example:
http://www.wowhead.com/item=82543 Dreaming Spirit Guantlets, blue ilvl 434, 510 intellect
http://www.wowhead.com/item=88129 Withered Wood Handguards, green ilvl 437, 524 intellect (+14)
http://www.wowhead.com/item=87364 Gloves of Sanctity, blue ilvl 440, 539 intellect (+15)
Linear stat progression despite the change in color