In today's advanced manufacturing sector, ultra-fine metal powders have become core materials for numerous high-tech industries. Their applications are vast and critical, ranging from metal 3D printing (additive manufacturing) and thermal barrier coatings for aerospace engines to conductive silver paste for electronic components and titanium alloy powders for medical implants. However, producing high-quality, low-oxygen, spherical ultra-fine metal powder is a highly challenging technological problem. Among various powder production technologies, high-temperature metal water atomization is gaining increasing attention due to its unique advantages. But is it really as "good" as rumored? This article delves into its principles, advantages, challenges, and applications to find the answer.