No, they are not, and they very by country. Short answer--you still have a license but only good for microlights, plane must be registered, some regulation of aircraft sellers on par with US LSA rules, amateur-built less regulated, but all much easier and cheaper than PPL. In my experience, mostly in France and Belgium, some regular airfields allow and even welcome microlights, some don't, and there are lots of little grass and farm strips for microlights only. For example, the French microlight license involves a basic ground school and flight training and a government-sponsored multple-choice written test, your instructor can sign you off for the flight portion, I think it was after 25 hours or so. You have to keep flying solo to 40-50 hours and get a passenger-carrying sign-off before you can take anyone else up in a two-seater.