It depends on a huge number of factors, but yes, it can be good enough in some situations. In some situations, it may be your only viable option. The best thing to do, in any circumstance like this, is to understand what the technology can and can't do, and ensure that the business agrees that the abilities you have for recovery are going to be adequate for them. If they are not, you may have to address this directly. It all goes back to establishing a Recovery Point Objective (literally, how much data can we lose) and a Recovery Time Objective (how long will it take us to recover). The RPO and RTO are not technical definitions, they're business definitions and you must have them in order to know which technologies you need. Oh, and make the SAN team show you a successful database restore.