Yes, that's what I keep telling myself (actually, that was about the first thing I wrote down when I started to make notes about my thoughts some days ago...), but somehow I'm not wholly satisfied.
For space affecting the length of rulers, I can imagine something like the following situation:
A gravity wave impinges on a wheel with spokes. (I use a gravity wave because it only distorts space, but not time.) Test particles sit at the end of the spokes and can slide along the spokes without friction. If a gravity wave hits the wheel, I can interpret what happens in two ways:
1. Space gets distorted. The test particles follow geodesics because they are free in radial direction, since space is distorted, some slide inwards, some slide outwards, forming an ellipse. (as in this animation
http://www.einstein-online.info/elementary/gravWav/rhythm) The spokes of the wheel do not follow the geodesics anymore because they would be compressed or stretched. End result: there is a stress in the spokes and the particles slide inwards.
2. Space does not get distorted, but the field changes the length of rulers. The distance between the test particles is not affected, but the field stretches/shrinks the spokes of the wheel. Again, the particles slide inwards/outwards on the spokes and the spokes are stressed. (Signs are opposite to what they were before, where the distance between particles decrease in interpretation 1, the spoke gets stretched, so that in both cases the particle slides inwards - and vice versa)
Do you think this example is correct?
Basically, what I am looking for is a similar example where I can see how things work out in the two interpretations with respect to time.