That's exactly what I wanted to figure out, if the sound is at the tube quality, not if it replicates exactly such or such amp. To me it sounds that quality.
Thats a loaded question!. I am one of these cork sniffer tube amp junkies. I actually collect NOS tubes and vintage amps. so here is my opinion for what it is worth.
There is definitely still a difference in sound between tube amps and the axe fx. Its really evident when you put the two side by side. I hear it as a
difference in how the overtones bloom as well as what I call digital fuzz. Which the only way i can describe is a fuzz around the distortion. I feel part of this is dependent on what speaker or method of amplification you are using. Some of that can be improved with EQ. That being said the latest version is an amazing(understatement) improvement in the sound.
Also realize most of these differences in sound can only be heard in the room. As soon as you mike up your amp run it through a pa or record it into digital media its is very hard to hear the differences.
The other thing you mention "tube quality" I have heard soooo many crapy sounding tube amps so that makes the question difficult to answer. An example is I have a 1964 all original deluxe reverb with vintage tubes. In the room in a direct comparison it sounds better than the axe fx. Its obvious.
Now I have heard current production deluxe fender reverbs and I would take the axe fx over them in a heartbeat. I have also played many current version tube amps at GC and the sounds coming from my Axe Fx in general to my ears are more desirable to me.
In the end its just another tool in the arsenal and I have found so much of your sound comes from your fingers so thats where I want to spend my time
working on my playing rather than get caught up in an endless tone search and believe me i have spent so much waisted time tweaking. An example I have spent a whole day switching out tubes in an amp trying to get just the right tone.
IMO in the end the question isn't "does it have that tube quality ?" The real question is how does it sound?
The answer is: great and it is also incredibly versatile and an amazingly supported product by the company(very rare in this day and age)
Will it replace my tube amps? Nope. Its a great world I have both
One thing I have noticed is how the axe has changed my thinking. When I am playing a conventional tube amp it may be sounding off the charts incredible but than that moment always comes when I want versatility and think to myself " wow it would really be cool to have a marshall sounding amp right now through a delay for this next song. Yet when I don't have my axe with me I am pretty much stuck with one amp sound.
I almost forgot to mention although I love my tube amps, I have sold all of my newer boutique amps since purchasing the axe fx 2 including: Carr Atremus, Tone King metropolitan, Louis electric, and a matchless. For those sounds the Axe Fx is close enough. I have kept all my vintage amps as those amps still have some magic IMO ( I know its subjective).