I would say it would definitely depend on the mission. However, in terms of the pure fighter mission I would say that history has already answered that question. Where I think such a system could be advantageous is where one already has air superiority, if these could deliver ground ordnance, it could be a like a flying airfield CAP and have fighters ready to aid the fight on the ground with minimum response time. Or, as a self deploy-able airbase. It also would probably help with pilot fatigue. Sitting in a fighter cockpit for 14 hours is probably not the best for staying alert.
However, I think advanced systems like we're putting in UAV's/UCAV's could also be placed in fighters in the future such that, when deploying overseas, the flight crews would just ride in the tanker while the "unmanned" combat aircraft fly in formation and refuel autonomously until getting to their detachment.
The microfighter would be inexpensive, comparatively speaking, but then you add in the cost of the mothership and the size airfield you need for it to operate it out of and I'm not sure what you've gained. Plus, as Chuck noted, one good missile shot can take out your whole squadron.
The only scenario I can think of is if you have to operate continuously very far away from available airfields before the U.S. Navy can get a carrier in the area. Sort of like a rapid response carrier, but without all the capabilities of a Naval fleet.
