If it wasn't 3 grand for the axe II 2 + mfc-101 pedal controller, I would have kept it to use exclusively for cleans & effects.... but it's just too much money when I still need another amp for recording high gain stuff. I don't think it's even close to as good as my favorite high gain amps even when ran through a poweramp and cab. I tested it through my 5150 III's poweramp and mesa 4x12 and it sounded better than direct, but it wasn't as good as simply using the 5150 III by itself. The feel, EQ response, and saturation I like just weren't there. It can be made to give pretty decent results, but it simply costs too much to have to settle with aspects you aren't 100% happy with, IMO.
Even if I were using it, I'd still keep certain things like my tubescreamer (sounds better than the OD sims in the Axe-FX), my noise gate (the Axe-FX's noise gate is good, but you have to run 4-cable method to get the most out of it, and, honestly, trying to use the 4-cable method doesn't work very well even on the Axe II).... Also, I think its clean sounds are best going direct or through an open back cab, whereas my high gain amps sound best through the closed back mesa 4x12.... it would be a hassle to have everything routed the way I want. Yeah, it does a lot, but a lot of what it does is kinda mediocre... It definitely does not replace everything, nor does it provide the ultimate convenience that everyone says it does, UNLESS you are willing to settle for less than steller with a bunch of things...
I love it for cleans and effects, but I can get by with using other things for cleans (my 5150 III, the fender bassman pro 300 bass head I just bought, a roland jc-120, amp sims like pod farm, even just DI into DAW) and effects (Eventide stompboxes, Soundtoys & Eventide plugins) with great results still.
I think a lot of people buy it just as a status symbol. They see a bunch of famous guitarists using it, so they feel they need it to be taken seriously. Personally, I care much more about what my favorite producers/mixers use than my favorite musicians, since a good majority of my favorite musicians don't exactly have the best ear for good mixes/good guitar tones.