For the list [a, b, c, d], the result is ((a = b) = c) = d, which will compare a and b to produce a 1 or 0, which is then compared with c to produce another 1 or 0, which is then compared with d. This is not at all what Joe wanted.
Here's a more correct method:
1: [7, 7, 7, 8, 7] 2: [7, 7, 7, 8, 7] . 1: 7 . ' [7,7,7,8,7] RET RET v r 1 RET
1: [1, 1, 1, 0, 1] 1: 0 . . V M a = V R *