This phrase implies the insignificance of failure's magnitude in certain situations. He almost aced the test, but a miss is as good as a mile.
Pro Tip 2/3
Nuanced Encouragement
The phrase can be used to encourage someone to aim for perfection, not just closeness. Remember, in this competition, a miss is as good as a mile.
Pro Tip 3/3
Idiomatic Usage
Understand the phrase is idiomatic; it's not used to discuss actual distances. Though she nearly got the role, a miss is as good as a mile in Hollywood.