Owning the Axe FX has been a long road full of tough lessons and trials for me. But I came down to one perfect setup, after having tried every other method. I started off doing 4CM with my 6505+ when I first got it, to using the 6505+ as a power amp through my Mesa Cab. Then I sold all that, and went to QSC K12's. Sold those, then got K10's. Then I bought a custom Port City OS cab, and got a Matrix GT1000FX. Ended up selling the cab, and got an Atomic CLR. I love the CLR to death, but that is for practice and at home.
So here is what I do now, and it is perfect: Just go direct to FOH. I use Wireless IEM's so no need for a monitor, but my entire band's live rig is in one rack. My Axe FX II, other guitarist's POD Pro X, bassist's Sansamp, IEM's, interface and DI for clicks and all that fun stuff, etc. I had a rack panel made on the back that houses all of the connections easily, so I just let the sound guy plug into the rear of it. It requires no setup, just flip the on switch and go. My patches even change to the click for my live show.
After trying everything else, I find this to be the best way. Takes up way less space, sounds GREAT, and I can load in and out my whole band super fast. Touring is a breeze too. Don't even need a trailer for a lot of gear.