Functional brain networks exhibit dynamics on the sub-second temporal scale and are often assumed to embody the physiological substrate of cognitive processes. Here we analyse the temporal and spatial dynamics of these states, as measured by EEG, with a hidden Markov model and compare this approach to classical EEG microstate analysis. We find dominating state lifetimes of 100--150\,ms for both approaches. The state topographies show obvious similarities. However, they also feature distinct spatial and especially temporal properties. These differences may carry physiological meaningful information originating from patterns in the data that the HMM is able to integrate while the microstate analysis is not. This hypothesis is supported by a consistently high pairwise correlation of the temporal evolution of EEG microstates which is not observed for the HMM states and which seems unlikely to be a good description of the underlying physiology. However, further investigation is required to determine the robustness and the functional and clinical relevance of EEG HMM states in comparison to EEG microstates.