The Axe Fx effects are as good as anything else out there- the only effects I keep around are a select few that do something really specific- I have a Shallow Water, a Microcosm, a FreqOut, a Blackstone overdrive (which I really, really wish was in the magic box...), and an Echofix Tape Echo. I might pick up a Meet Maude, but for everything else, I'd rather use the Axe effects. They're better, and you don't deal with noise issues, etc.
I posted this a few days ago in a different thread, but the Axe lets me use my old amps in new, different ways. Analog gear can be utilized more effectively with an Axe Fx controlling it all. Right now, in the music room, I have my Shallow Water before the input of my Axe Fx, and the Axe feeds a Swart SST-30 with output 1, the Echofix (tape echo) is in the output/input 2 loop (it can connect with xlrs), Output/Input 3 hosts a Microcosm in stereo followed by a Mimiq, and Output 4 sends a stereo signal to a Swart Stereo Master 20, which runs the wet effects. It's an easy w/d/w rig with multiple pieces of outboard gear, all controlled and integrated with the Axe. Or if I need to practice silently, just switch patches, plug in headphones, and jam away. Just want to play one of the amps? No big deal- just setup a patch with the output of whatever amp you want. Need to play at church? No sweat- unplug it, and you're on your way with a complete rig you can set right on the stage, ready to rock. It's absolutely crazy how flexible the Axe Fx is, how many possibilities it opens up, and how well it integrates with other gear.