For my purposes (and in my opiinion), yes it does. It's not identical, but I think it is close enough that the average joe would never know, and most bassists wouldn't notice except in a head to head comparison.
Having said that, the SVT is such a versatile amp that I can't say that the Micro could reproduce EVERY type of tone you could get out of a real SVT. For example, the Micro can get aggressive sounding, but can't really overdrive at all. But, yeah, the Micro does do the classic SVT sound very well. It will tend to sound a little cleaner and crisper, and I think the treble kinda' sits on it's own and tends not to sound as fat. It definitely feels different, but the sound is really very nice.
I also tried my SVT-VR through the 210 cab for the micro VR and it sounded great. The impedance is a mismatch, so I only dared do it for a few minutes and at low volume.
-John