There's different kinds of Unity3d 2D animation:
Mechanim,
Legacy,
Some asset from the asset store(such as 2Dtoolkit)
I find mechanim to be too slow for me, but legacy animation is pretty good, i was going to try the 2dtoolkit animation but i'm satisfied with legacy animation performance and implementing events through scripting in JS is annoying compared to visually using them in animation window.
If u want to simulate a particle system using 2d animations, remember u have to manually create the behavior through scripting, and in a way creating ur own particle system. ALTHOUGH if u can create a robust 2D only particle system for Unity3D that would be an awesome addition to the asset store, ud make some nice money i think :)
A particle system has values you can play with to get the look you want and each particle is a billboard image, so it's pretty low cost unless you go nuts.
You can set the particle renderer to VERTICAL and it'll always face the camera flatly which is what i do for my 2D game, it's orthogonal view.
The reason noone answered you is because it's kind of a silly and vague question.
The particle system is great for particles, the animation system is great for animating game stuff...
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