You can compare by content in the normal way, but this won't flag anything that has differing tags - the files need to be identical. No plans yet to scan just the audio portion igoring the tags (good idea though.)
Thanks very much for a great prog. Seems far and away more stable than Duplicate Finder which costs money & seems to crash more than cars on the dodgems! I love it but have a minor niggle. I shall find the appropriate thread and post it there. Cheers.