Nope!
You see, when you start using the more "specialist" cycles on the Miele, rather than bog-standard "generic" cycles, one cannot load as heavily due to increased water usage/decreased maximum load sizes.
For instance, Automatic Plus has a maximum level of 5.5Kgs, Delicates/Minimum Iron 3.5Kg and Darks/Denim at 3Kg. These cycles also use far more water than Cottons (For example Minimum Iron Washing at Door-Seal level, Rinse 1/2 way up the glass), take less time and are much better on your clothes with the increased water-level.
The result of this is your clothes are cared for much more than when you just "stuff it in" on Cottons, you get better rinsing and your laundry is done in half the time (About an Hour for Delicates/Min. Iron/Darks/Denim). It might not save water, but it saves clothes, which ultimately is far better for the planet (Compare extra water usage with the manufacture and transport of clothes half way round the globe from China and having to replace these items more often)
The fullest we get is maybe sheets/towels, which are 3/4 of the way up the drum when dry. The sheets don't tumble too much, so we always use Pre-Wash and Water Plus at the very least (And always wash much hotter), adding a Soak if we have the time for it. This ensures the results are good.
But on full loads, Euro machines are quite a bit more "liberal" with their water usage. I think the American machines need to focus on being ability to wash the full load with water levels comparable to Euro machines, rather than just huge capacities that will never be realistically cleaned and rinsed.
The other issue is that Euro machines can be absolutely "stuffed," and good results can still be expected, even if the machine is only "tiny" in comparison to the load (5Kg machines can possibly loads larger than this with no issues).