I have an Eleven Rack for almost 10 years, still use it for recording and for live gigs. Always been complimented by the tone direct to FOH (even from friends owning Mesa Boogies and other tube amps). I have my 11R on a 2U rack case, fitting a Tech21 Midi Mongoose and an expression pedal (a modded Cry Baby) on the rear to carry from car to gig. So when I come to a gig, the longest part of my setup is to find a power outlet and giving my XLR to the soundman .
The amp models are still very good as per today standard and cover the basis (Fenders, Marshalls, Mesa Boogies, Soldano and Matchless) . They are very responsive like a real tube amp and more on the raw side of tone, where Line6 and Axe Fx are more on the polished side of tone. I don't need more amp models to cover what I play (blues, classic rock, 80's rock 80's metal).
The effect are very limited compared to Helix and Axe Fx, but they are the bread and butter of most pedalboards (just check the list). I also don't need more effects then what is on the unit as I only use (not at the same time) reverb, delay, overdrive, chorus, delay, phaser, vibrato and eq. Nothing fancy. The 11R is reported to take pedals very well, both front and in the effect loop, if you need more.
I first used my 11R plugged in my tube power amp and 4x12" cab. Sounded very very good. I then bought an EV ZLX12P to create my patches for direct to FOH. The cab simulation is very good, but you will need to spend some time with the parametric eq to dial-it just right. IR technology was not very common when the 11R was designed. I will probably buy a good IR pedal in the future, that will place my 11R on par with today's technology.
IMO, the presets (called rigs) sound awful. When I got my 11R I was very disappointed and wanted to return it. But I decided to keep it has I got a full version of Protools included that was the price of the unit itself. Glad I spend sometime with it to dialed my patches. Sounds wonderful now. What I like compared to other modellers is the UI, I do everything with the knobs on the front panel, as I would do with a real amp and real pedals. I only use the editor for backing-up my patches, YMMV. If you get the 11R, download Singtall free patches (check elevenrackpresets.com) as a starting point. You can even buy preset packs from him. I can also send you my patches (5 patches for my LP and my humbucker pup guitars, 5 patches for my Strat and single-coils pup guitars, and 5 patches for my bass guitar).
I like my 11R very much, will probably go Headrush Gigboard when my unit dies (Axe Fx is way out of my price range and impossible for find here in Montreal, Helix is not doing it for me compared to 11R and I don't like the editing on the Atomic hardware). I don't feel let down by no firmware updates as I don't need more models. The models are limited but they are very good and the unit is easy to use. And if you think that firmware update is a must, there's no more update either from Fractal to the Axe Fx Standard, Ultra and II. I think it's the same with Line 6 for the Pod and HD hardware. So modellers will always get to EOL sooner or later.