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Micropropulsion systems are rapidly gaining attention from the small satellite community as they can increase the mission lifetime and allow the satellite to perform complex maneuvers and precise attitude control. These systems need to be fully operational with the low power available on satellites. Various thruster concepts based on vacuum arcs are currently under development, predominantly in the pulsed regime due to the power constraints on small spacecraft. Pulsed vacuum arc thrusters are capable of efficiently producing highly-ionized supersonic plasma at very low average power. This Perspective article provides a critical analysis and a review of various aspects of electric propulsion technology based on vacuum arcs. Furthermore, we give a personal assessment of the present status and provide an outlook on the field, including the growing role in small satellites such as CubeSats. Vacuum arc micropropulsion systems could play an important role in mitigating the problem of space debris. Such a system could be integrated with a satellite so that, at the end of its mission and using metal components as solid fuel, it will lower the satellite's orbit and accelerate reentrance into the atmosphere faster than by its natural decay rate. [ABSTRACT FROM AUTHOR]