Ish. But there are two significant flaws for ecommerce:
1. Knowing that the company using the certificate is who they say they are, doesn't necessarily mean you can trust them not to be fraudulent traders.
2. Control of the domain names and associated certificates can change hands after the fact, officially through buyouts/merges or via more nefarious means, just like any other certificate.
and of course the other key question to address which is:
3. How do you trust those validating the certificate. The average user is not going to know/care that a rogue CA exists and it might take some time for their actions to be noticed and for appropriate revocations to happen.
However they were intended to be used, HTTPS and certificates for it are used to protect data in transit and not really for identity assurance.
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There is also the more cynical view that the main thing EV certs addressed was the desire for CAs to bring in some revenue, especially as standard certs became more and more a commodity item (now effectively free) with low or zero margins.
