I love the FLAT IR.
Personally, I've always thought one of the main reasons people make such a big deal about the difference between "amp in the room" tone and the "recorded amp in a studio being listened to through monitors" tone you get with IRs through FRFR speakers is because of the inherent lack of low end you get with the latter scenario.
In other words, a lot of cab IRs tend to cut too much bass out of the picture. In recordings this is understandable, but playing live or alone makes the difference between a real cab vs an IR through FRFR speakers quite pronounced. For me, I use the FLAT IR with a heavily applied Low Pass Filter so only the really low frequencies pass through, then use that in conjunction with other IRs. It really adds body back into the sound that goes a long, long way to bringing back the "amp in the room" feel. For me, adding this low end back into the picture actually makes my CLR's sound better than my real cabs and every bit as "amp in the room-y" to me.
You can't apply a High Cut to only one of the IRs in a single Cab block in the Axe-Fx III though, so to do this kind of thing, you basically have to run a Filter block set to Low Pass in parallel with the Cab block. When dialed in right though, it sounds fantastic.