It's all about the tool for the goal.
I use some of the amp models on my Adrenalinn III, and I've just picked up some Amplitube software. Also a BP200 for bass. Have not recorded w/the Amplitube yet (or the Eleven Rack stuff in ProTools). I have used the Adrenalinn III for clean things. And I've used models while trying to learn something just for a better balance and to keep all the sound coming from the same place.
But for playing, I prefer using my tube amps. I just don't get the feel from the models that I get from the moving air. There's just a special mojo there.