I had the Axe-Fx Ultra and I loved the versatility and the tones that I got Live using FRFR into the house system. Got lots of compliments on my tone in a full band setting. However, at home or for critical recording, I just couldn't get the same sound as my Two Rock, even though it was close! I sold the Ultra and kept my Two Rock. However, now I am getting an Axe Fx2 to use with the 4 cable method to replace my pedalboard. Might even use an amp block to run an simulated amp parallel to my Two Rock preamp (which has a fully tube buffered dumbleator). Now I plan to have the Axe-Fx 2 both before the amp for compression, drive, wah etc and in the Two Rock's FX loop for reverb, delay, chorus, etc.
With that setup I get all the versatility of the AxeFx2 and the tone of a Two Rock and I have the most extensive and tweakable pedalboard ever at my feet using the MFC-101, with shorter cable runs I might add, because I have ordered a 2U tolex headshell for the axe-fx2 to go right under my Two-Rock headshell
So, I don't know if the Axe-Fx 2 can replace a Two Rock (which I don't expect it to) but I do know an Ultra can't. And I had some high end FRFR speakers with that. Later a bought a stereo Tube Power amp with a really good set of cabs with scumback speakers for the ultra and still it wasn't quite there. I still have the cabs and the scumbacks to use with my Two Rock though
Hope this helps