The high end printing engines such as Epson and Canon have come a long way with the micro piezo print heads in the last few years. Add to that the Efi ColorProof rip which applies color management to a file using Heidelberg's CMM. We currently use the Epson 10600 with the ColorProof rip and we are able to match color closer with the digital proof then we could with traditional MatchPrint proofs. Digital proofing will also save money over traditional proofing, not only due to media pricing but you also save when making corrections. At the proofing stage you have not output expensive film so there is no extra film cost. Digital proofing is also safe for the environment.
The following picture are actual press sheets with their BestColor proofs
Notice that the Bestcolor proofs have been mocked up to represent the final piece