Mitsubishi Mr. Slim is the most common example of such a system. I have seen them in several places out west, but not so much in the eastern US. They are very popular in Japan, and other Pacific countries (notice the band names of most of the systems), but they are just starting to become common in the US.
As I understand it, these systems became popular in urban settings because of high-rise buildings. It is easier to route coolant lines down from the rooftop instead of massive central air ducts.
If you are retrofitting a house that doesn't have existing ductwork, these mini-split systems can be a preferable option. As any HVAC contactor can tell you, designing ducts for proper airflow can be a difficult task, and it can be almost impossible to get right in existing construction.
If you get one of the multi-zone ductless systems, you have a thermostat at each indoor unit, which can allow for more flexibility in setting different rooms to different temperatures.
They generally have very high efficiency ratings. In many cases, they have a higher SEER/EER than an equivalent centralized AC system.
The drawbacks to these systems are:
You have the indoor unit sticking out from the wall.
Since they are less popular, it can be harder to find a competant service company.
Fewer companies selling/servicing mean it can be more expensive to get work done.
The residental systems I have seen can support at most 3 indoor units. So, if you want good airflow in every room of your house, you're not going to get it.
The residential systems I have seen max out at ~3.5 tons of total cooling. So, a single system may be insufficient for a big (or poorly insulated) house.
I have a relative who converted his screened-in patio into a sun room. He then added a Mr. Slim to provide A/C. It's quiet and keeps the room cool. And since it is independent from the main house HVAC, the whole house doesn't need the A/C running constantly. This seems to be a really good fit.
At my office, we have one of these units installed in our server room at the office to provide cooling. We've had several problems, but I think the unit was undersized for the application. It's also a residental unit that wasn't made to cool a server room 24/7/365. It's quiet though.
I don't have any first hand experience with the heat pump version of the unit, so I am not sure how well they do in a heating scenario.
The point of a super insulated home or a Passive house is that they rely on the body heat of the occupants plus the heat from the various gadgets in the home to keep them warm, with the insulation slowing the heat loss.
A home built to Passive house standard will usually be fitted with hydronic heating (probably as the new owners are not sure that it will do what it says on the tin.) And the heating may never be used.
Of the 37, 000 Passive houses in the world, 20, 000 or so are in Germany where 92% of the owners are satisfied with their economy.
A true Passive house is almost air tight, with a heat recovery ventilation system, fitted with a in duct heating coil to warm the incoming cold winter air, should it be 3.5C or more lower than the room temperature.
You can see from the above that having a large hole in a wall, albeit sealed with a steel sheet, where a vast amount of heat can escape will defeat the whole point of carefully installed insulation.
Best Answer
Found some Mini Split units that can use standard 24VAC thermostat controls and it is made by EMI - Enviromaster International LLC - USA. After much searching the only standard 24VAC controllable units found were a handful of EMI's fixed capacity commercial mini split units.
R-410A - WLCG/WLHG Wall Air Handler , Model: R-410A - WLCG/WLHG. The working proof for wiring a standard 24VAC wall thermostat starts on page 11 in the Installation & Operation Manual.
Additionally they provide two other form factors both offering standard 24VAC control options.
R-410A - CACG/CAHG & CACH/CAHH Cassette Air Handlers , Model: R-410A CACG/CAHG & CACH/CAHH
R-410A - UNCG/UNHG Universal Ceiling/Floor Mount Air Handlers , Model: R-410A - UNCG/UNHG
Again pay attention to the model of EMI unit, some don't support 24VAC controls such as their entire E-verter series. Additionally not sure what kind of prices these units carry, as well as what sacrifices in efficiency are lost due to non smart inverter control, still should be better than central forced air systems, right?