I haven't done it live yet in the context of a rock band, but I've redone my main patches and rehearsed with it with good results. The only thing stopping me from using it live is that I will need to go direct to FOH, and I'm normally a power amp/cab guy. So I have to get to a point where I'm comfortable using the cab sims in the Axe Fx 2 in a live setting.
I am using an Audio Technica System 10 Pro wireless unit, which has 2 sides - so it's basically the only wireless solution on the market I could find that can handle a guitar equipped with piezo and magnetic pickups.
Output 1 on the wireless (mag pickups) goes into the Left input on the back of the Axe 2. Output 2 goes through a Fishman Aura Spectrum, then that goes into the Right input on the Axe 2. I then have my scenes configured using some stereo routing where Scenes 1-5 use the magnetic pickups, while Scene 8 (assigned to a standalone IA switch) uses the piezo signal (all effects off except reverb). I started off using Tonematch, and the results were good, but I run my patches at pretty high CPU usage and wanted to offload that to the Fishman. Plus the EQ and compression on the Fishman make it much easier to fine tune the acoustic tones.
Now, the Fishman is intended to be used to add the woodiness/body/whatever back to an acoustic guitar with piezo pickups. You're supposed to pick an image that roughly matches the type of guitar you're using. Since I'm using a solidbody electric (Carvin CT624), I had to go through and audition a lot of the Fishman images. I actually found that one of the nylon string images works best with my electric guitar - go figure.
It's not perfect, and I'd probably never use this setup for recording, but it's pretty convincing in a live context. Fingerpicking sounds great, and I can do strumming if I switch out to a light pick. The Fishman definitely adds enough of the woodiness back that you'd do a double take if you walked into a bar and heard that sound coming out of a solidbody electric guitar. Plus it's super convenient - I don't have to switch any toggles on the guitar, I literally step on a switch and go from electric to acoustic tones instantly.