I use an Eleven as a backup, and actually owned one even before trying the Axe Fx Ultra. It's no Axe Fx, but it isn't junk. Some of the tones are pretty decent and (if you aren't playing them side by side) can be inspiring. I play mine into an FRFR setup, so I don't run mine with the cabs off.
From what you said, running it set to "Rig Output" means that you have the cab sims on... this will sound bad through a regular speaker cabinet. It should be one more click over on "Rig Output, No Cab." That would work with a standard cabinet. It you test it through your monitors, you want just "Rig Output." Of course, make sure the output is directed to whatever output you're using. Mine is set to Output 2 Left, which is a 1/4" out.
Hope that helps. I don't play it a lot, but when I do it's enjoyable enough. When I plug back into my Axe Fx II though, the difference is immediately apparent.