I don't really see the great value in having a true bypass in the "front" part of an effect processor. Sure, you'd get a direct path to the amp input when no before-amp effects are engaged, but, as soon as any before-amp fx are engaged, any digital device related hiss would be re-introduced while the effect is on.
I'm not so concerned about the hiss which can be gated out to a some extent. For me, it's the loss of playing dynamics that I sense when digital devices sit between my guitar and tube amp input. Maybe I'm imagining it as it's a somewhat subtle difference, but for me, anything but traditional buggy/whip pedals in front of my tube amp feels weird. If the Fx8 has no hiss and no dynamics loss with before-amp-input fx engaged then I think it's a huge accomplishment for FAS and I'll be lobbying the wife for budgetary approval regardless of whether or not it has true analogue bypass.
In my 4cm setup, there is no noticeable hiss when on a clean channel, even with compression and drive pedals etc in the chain. I am pretty sure there is some hiss introduced in this scenario, but it is so small that you cannot hear it.
But when you switch to a distorted channel on the amp, the little bit of normally inaudible hiss is now greatly magnified because of the tube amp gain stage. I have a feeling that this is unavoidable, and not unique to the axe fx. I tried running several digital devices in front of my tube amps on distorted channels, and got much more hiss than the axe fx 2; so I believe that the axe fx 2 is probably more quiet than all other processors in the 4cm. Nevertheless, it would be nice if the hiss wasn't there when on a distortion channel.
For me, I'd be happy if the front end of the fx-8 can be removed from the chain when using a high gain channel. Then I'd bring it back in when using the clean channel, or the clean channel with an overdrive block; in all of these cases hiss would not be an issue.
Hiss would only be an issue if I used a wah on a distortion channel, because I'd have to bring the front end back in to put the wah in front of the amp input.
In my experience, hiss is not an issue at all when running the axe entirely in the effects loop of my amps. I think this is because the little bit of noise introduced comes after the gain stage of the tube amp, so it's not noticeable. Its only an issue before the tube amp preamp.
Basically, the ability to remove the front end and back end of the axe may be kinda like using a gcx or musicomlab pedal loop switcher, where you remove what you don't need.