At the moment, I'd say my ideas on the subject are very FMA, although the idea of equivalent exchange has been with me for a lot longer than the show has. I'm open to new interpretations, but I view it as turning something into something that's worth the same.
That interpretation does not seem clear to me, considering that the value of things is subjective. Unless the measure is energy or something of the sort, it seems like mambo jambo to me! :P
Besides, the whole point of alchemy is to get something that has more value than what you previously had. Also, I haven't actually read/watched FMA, so I wouldn't really know its interpretation, except perhaps for the fact that it is probably quite imaginative.
More PERSONAL value. My view on it is that in order to gain something, something of equal value must be lost. You can construct, where you can turn something into something completely different provided you have enough of it - a ton of dirt into a couple of diamonds, or something like that. You can deconstruct, which is basically just smashing stuff you touch, and you can reconstruct - fairly self explanatory, if you have all the parts of a broken item you can have it good at new.
This... is the FMA way. :P