I heard somebody drop that comparison a few weeks back (I think it was Tony Siragusa). The 98 Ravens went 6-10 and finished 9th in defense, 26th in offense. 99 Ravens finished 2nd in defense, 24th in offense.
Basically, those Ravens teams had flashes of brilliance on defense, but just weren't clicking on all cylinders. The offense wasn't doing enough to enable the defense to be their best.
In 2000, not a lot changed on the team other than their offense. The defense cut their YPG allowed by only 5%, but the offense increased their rusing YPG by 25% (passing stayed about the same) and their turnover ratio from zero to +23.
Singletary didn't coach on that team, but a lot of those guys were still there when he came on board in '03.
I believe that Singletary believes we are that Ravens team.
Personally I believe our defense has the potential to play at that level, but I do not think our offensive line has the tools to run the ball that well.