Yes it has to be the same artist and song name.
But check out the "Duplicate Content node" it finds true duplictes based on the content and not the tags. You must however select "Analyse tracks for duplicates (takes extra time)" in Tools->Options->Library and rescan your collection, unless it wasnt selected.

I did a test, and it doesn't appear to be the case... MM did not catch
Apology Song - The Decemberists
and
Apology Song - Decemberists

So, does the "Duplicate Titles" function looks for songs with the same artist AND same song name? Hmm...

My experience in the use of duplicates reflects that MM picks out duplicate titles, so yes, it would disclose those duplicates.

Let's say I have the following duplicate files in my library:

Rue the Day - Walkmen
Rue the Day - The Walkmen

One artist has "the," the other does not. Will this show up as duplicate files? In other words, does MM consider "the" as part of the name of a band (or a song, I guess) when looking for duplicates?

Thank you
Lady Gerb