Yes, rice cooks fine in the microwave. The main trick is using a container big enough for it to bubble up without overflowing.
A rice cooker or stovetop pot isn't always available, and the microwave handles rice better than most people expect once you know the ratio and container size. It's not faster than a rice cooker, but it's genuinely simpler.
The two things that trip people up are using too small a bowl and not giving the rice a rest once the microwave shuts off.
Use 1 cup of rice to 2 cups of water in a container at least triple the volume of the dry rice, since it expands and can bubble over. Cover loosely, not airtight, so steam can vent.
Let the rice sit, covered, for 5 minutes after the microwave stops. This lets residual steam finish softening the grains evenly instead of leaving the top done and the bottom underdone.
Microwave rice works well once you give it a container with real headroom and let it rest at the end instead of digging in right away. Adjust timing to your microwave's wattage the first time, then it becomes a repeatable method.
Generally 2 cups of water per 1 cup of dry white rice. Brown rice needs slightly more water and more time since the outer bran layer takes longer to soften.
The container was too small for how much rice and water expand while cooking. Use a bowl at least three times the volume of the dry rice.
Yes, but loosely. A fully sealed cover traps too much steam pressure, while leaving it uncovered dries the rice out before it fully cooks.
Texture is very close when the ratio and rest time are right. The main difference is convenience, since there's no need to babysit a pot or watch for boil-over on the stove.