Ordinary language logic is not the same as mathematical logic.
Consider the basic idea of equality.
Jack was assigned to clean out the stables, but he was not [equal to / up to] the task.
Note the measurement 'upward' from an assumed 'low' starting point of 'no ability to do the task'. And how 'equal' is synonymous, in some sense, to 'up'. There is no possibility whatsoever that this sentence could mean that Jack cleaned the stables even better than expected.
Likewise, as strong as = equal to the strength of = up to the strength of; not as strong as = not equal to the strength of = not up to the strength of (where equal has its ordinary language meaning -- not its mathmatical meaning).
All gradable adjectives are treated in the same way. not as X indicates "not reaching as high on a scale starting from zero X-ness". The metaphor is always of movement upward from a zero point and negation means the failure to reach a certain value along this upward movement. The existence of an adjective with an opposite meaning is irrelevant, because that adjective is measured on its own scale from the zero-degree point of that adjective.
The fact that a joke results when the words are taken mathematically is proof that mathematical equality is not intended within the meaning of such expressions. No one is ever admitting the possibility of his inferiority when he says, "You're not as smart as me"! The response "No. I'm smarter" is simply sophomoric. 
CJ