The tone modeling works, but not for everybody. I don't think that is the dispute. Like someone else said, Vox seems to be ahead since they have that actual tube technology. All modelers I have heard sound thinner than the real thing. When recorded, it's harder to tell, since everything is recorded down. Are we saying a $400 gadget can actually replace a nice boutique amp? maybe for some, but I'm not convinced. I have recorded my Boss GT-6 direct to track, and it sounded fine, but still thinner. You are more or less saying, "but can you get useable tone?" and I think that you obviously can, lots of artists use them.
Sort of like comparing noiseless Strat pups to real singles. They do not replace the real thing as in being indentical. They might replace the real thing for the people that buy them, but they do not sound the same. I don't even like the sound of most (including the ones offered by Duncan), but that's another story.