It generally depends on Your goal, so the answer is both yes and no.
Yes, CCME can replace SRST features, since CCME acts like a CallManager server (and as far as I know Cisco sells both products [SRST and CCME] for more or less the same price). If the CallManager server goes down, phones may re-register to the CCME router, however...
... No, because the phones then cannot go back to the CallManager, for instance.
So if you want a redundant solution, go for SRST.
