Micro Niche Sites still work?

They still work fine... Although they need to be bigger these days (more pages.) You also need to re-think your linking strategy.

Check out Spencer's 'Niche Pursuits' if you want to get more background from a guy who does this a lot:

http://www.nichepursuits.com/And watch these videos on link/anchor diversity:

http://www.blackhatworld.com/blackhat-seo/black-hat-seo/499970-understanding-link-building-diversity-anchor-text-profiles-post-penguin-videos.html

^^ What he said. If you're going to make only 2-5 pages then the website will rank for maybe umm less than a month and then it will tank for all the keywords. I've seen this happen to 3 of my sites. 1 of them was an EMD, 2 weren't. The results were obvious. More content needed!

EMD still works fine. It was the low quality ones that got slapped. These days aim for 15-20 pages+ to stay on the safe side and avoid posting crap content if you want to still be around making big $$ after the next update comes along.