I just checked it with the AxeFXII as the master. Recorded about 5 minutes with no glitches on the dry or wet tracks, but once I switched the AxeFXII to digital input I think that it was expecting to have a master clock because it was just a ton of glitches and drop outs while monitoring the re-amp process. Funny thing is that I went back and listened to what was actually recorded and I wasn't hearing it in the track (I didn't re-amp the whole clip though).
Regardless its such a mess that way that even if there were no glitches in the final that if that's the best monitoring situation there is I don't think that it's usable as is right now.
I know that analog will work and I'm really hoping that we get the option of choosing the dry guitar for Output 2 because then it will be damn near perfect IMHO.
I even went so far as to look at word clock generators and have a line on a really nice sound card with AES/EBU inputs (it's like 8 analog and 8 digital inputs and outputs), but without a seperate word clock input on the AxeFXII and the fact that about 90% of the audio interfaces on the market don't have one either (I've checked) I'm not really interested in bothering with digitial at all.
Now there is one more scenario that someone else brought up and you can try if you want. Basically you would have to run the guitar directly into your audio interface, send it to it's own mono track which would be the dry track. In your sound card you would then have to send that source to it's own output for 'monitoring' purposes (you could probably do this in the DAW or mixing software that comes with the audio interface). That output would then be either wired to the input of the front panel or the rear of the AxeFXII. Take the analog outputs of the AxeFXII, feed them to their own input on the audio interface and then send them to their own track. Hit record on both tracks and wail away.
The big issue here is that it's going through your soundcard first which to be honest isn't ideal from what I've tried so far. I think that it also screws with the impedance settings in the AxeFXII's front panel since it's not seeing the pickup but rather a buffered signal. I just know that compared to plugging straight into the front jack it loses some mojo.
Regardless I'll end up trying that out some more. Only other thing that I'll add here is that if you go that route you really have to watch the signal levels. When you record the dry guitar it has to be extremely low when recording or you will have to lower it a lot before sending it back into the AxeFXII because it's looking for a low level signal. Go too hot and it will lose it's mind and clip and wihle I doubt that it will hurt anything I wouldn't want to take a chance.
) USB/DIG OUT SOURCE and you can select INPUT.