The Michelin "macarons" do serve as a general indicator of quality and level of fine dining -- typically, the more the "macarons" the more the grand class dining and price.
I used to rely solely on the Michelin star rating and was impressed by 3 stars. However, after eating at about a dozen 3 stars over the years, I realised that I enjoyed 1 and 2 star places more than the 3's. This time in Paris, we have dined mostly at bistro's and have had a fantastic time reserving a Michelin restaurant for a special occasion.
Yesterday, we dined at Taillevent, a 2 star establishment, which, to me, still feels like a 3 star place. It was fine dining at its best and the 80 Euro lunch menu was simply fantastic.