I used the AxeFX just recently. For many modern rock sounds and recording in general they are great and I certainly would not know from the recording that it wasn't a real tube amp used... for THOSE type sounds. I would still defy anyone to record or show me a clip made with the AxeFX that will match what I can do on clips I've made with a small vintage amp or a larger tube amp with a really good attenuator like that faustine or UA. When trying to get the type of tones we think of using a great tube amp with touch dynamics, vowel like variations of notes, and the random kaleidoscope of natural, open, harmonics I can get with an old tube amp the AxeFX has this plastic like sheen to my ear as well as the lack of full range of natural sounding harmonics and dynamics.
For just about any guitar tone I can think of from the 80's until today's more modern sounds that use a little more gain and tend to flat line a bit in harmonics and dynamics more than what we think of as "vintage tones", I don't think I could tell the difference. But when a tube amp reaches that fragile sweet spot where overdrive, harmonics, and dynamics are at the absolute peak, any modeler I've heard falls short to my ear. I wish it weren't so. If anyone can show me how to match these six different tones (below) and the way each note voices and blooms differently with a pure open top end with natural sounding random harmonics and no digital "sheen"..... not to mention the natural ambience of a real room with an AxeFX I'll stop using "real" amps altogether.
And by the way, the six amps in the clip below are pretty much all 50+ year old 3-5 watt tiny amps with 8" speakers that can easily be played fully cranked with no serious noise issues:
http://www.soundclick.com/player/single_player.cfm?songid=5100928&q=hi&newref=1
