No they're not. CO2 and NOx have different effects on the population and on our environment. And yes, one is worse than the other. No, CO2 isn't wonderful, but mole for mole, CO2 is strictly preferable to NOx.

Yes, we should strive to reduce both. But they're nowhere near equivalent.

EDIT: I do agree with you though, I also hope this cripples them financially. I don't want to see them dead, but the consequences from this cheating should be so enormous that the company has a collective nightmare about this for the next several decades.

CO2 is part of the normal chemical formula for burning hydrocarbon fuel, and the majority of a car's emissions are CO2 and H2O (water).

Exactly. The ideal emissions would be 100% H20 and CO2. I suppose a string of chemical reactions could be engineered to make the emissions nothing but water and diamonds, but until that happens, some mixture of CO2 and water is the ideal.

Yeah, and what happens to those of us who own VW? Car has been incredibly reliable, zero problems. What happens with the value of the car or the cost of repairs/OEM parts if they crater?

"Mole for mole" is completely irrelevant to the issue at hand though.