The potential of microbubbles as fat replacers and texture modifiers was assessed by comparison of the rheological and tribological properties of model food systems that contained (1) microbubbles, (2) emulsion droplets or (3) no added colloidal structures. We used (a) liquids with thickener, (b) liquids without thickener and (c) gels as model food systems. A sensory test was performed in which we investigated whether panellists could discriminate between the different samples. It was found that the food system containing emulsion droplets had better lubrication properties than the dispersions containing microbubbles and solutions without any colloidal structures. The systems with emulsion droplets could be well discriminated sensorially from those with microbubbles or those without an added colloidal structures. Samples containing a mixture of emulsion droplets and microbubbles were comparable to those of samples containing only emulsion droplets. We conclude that at the studied volume fraction of 5% the measured friction and perceived mouthfeel of systems containing microbubbles is rather different from those of systems containing emulsion droplets, while both have a diameter of about 1 μm. At this volume fraction microbubbles cannot simply replace emulsion droplets.