I say yes. Yes, they are. Think of it as a younger, brilliant model.
Not only do they function on less water storage (70% less!), but they also reduce the chances of your house looking like it survived a tsunami after it must have done its job.
I recommend opting for the mist system for your home and smaller spaces and also in offices to reduce water damage to important office property.
Sprinkler systems are great too, mind you, they are relatively cost-effective and save you a bunch in insurance premiums, and are relatively low maintenance such that they require inspections just once a year.
Because the mist system has a much softer technology, it is ideal for where you have little kids and senior citizens to reduce the shocking effect of a sudden spray. For a milder but more effective service, the mist system is your fighter.