Well I took the challenge. I have to say... this sucked. It is pretty much the same problem I continually have with modelers. There is just continuously something not right. But I think the definite weakness is with the speaker modeling.
I use a GSP1101 live, and I love it! Best modeler I have tried (everything under $500, so no Eleven or Axe-FX). Anyway in my studio, I have an RP500 that I use for demoing. For recording, it is all good until it is time to get serious.
Same with VST's and the like, it is just a constant fight. Versus a miced cab with a real amp, some highpass, maybe a couple other EQ tweaks.. done! I should try micing up the 1101 and see how it does.. hmm...
I played with my RP500 and impulses for about 2 hours and gave up. I figured to give a taste of something that doesn't get a lot of love around here compared to the VST's.
RP500 5150 model, boosted with Screamer model, into Alu's Mesa Oversized Sperimental Impulse
http://www.ortizaudio.net/clips/modelingchallenge/RP500-5150.mp3
RP500 Recto model, boosted with Screamer model, into Alu's Mesa Oversized Sperimental Impulse
http://www.ortizaudio.net/clips/modelingchallenge/RP500-Recto1.mp3
Soo.... in general it is sort of like the flavor is there or more like the memory. Make's you go, "yeah we are on track here..." then you A/B and go "whoa damn" The impulses make a HUGE difference. Each of these amps have a distinctive mid-range that is similar (due to the cab and mic) but different too because of their voicings.
I felt that RP500 had the vibe going. But then on the speaker side of the house, it was a total mess. I tried a TON of Mesa impulses and positions. These have the sizzle of mic'd cabs, but too much. Other's that didn't were wayy to dark or muddy. Mixing added additional issues that took the tone in totally different directions.
Some were good, I would say even arguably better than the mic'd clips. But totally different. Still had some weirdness though that I can't put my finger on.
So yeah, I tried and failed.
I use modeling all the time for demoing and practicing. In fact I never fire up my tube amps for practicing. At low volumes or in headphones, the modelers (VSTs, RP500, GSP1101) to me sound better than a hardware cab modeler or an amp turned way down. Or I will use one on a mix if the mic'd tone is atrocious and there is no time. But I try to make time for re-amping, even if it is non-paid time.
Live, it is a matter of convenience. And the tone I get from the 1101 is not a tube-amp vs. digital. It is just a voicing thing like a 5150 vs. Mesa. Then considering it is a 12lb rack (I use a BX500 power section, 5lb. Class D amp) and with MIDI all my FX are ready, it is no brainer.
SO yeah... modelers=convenience, tubes=destruction!!!