Sorry I missed this thread until now. I've had a foot in both camps for a long while. Had one of the first Line 6 amps, still sounds great. Had a Boss ME-90, thought it was fine. Had a POD for a bit, didn't like it. Have a Tone Lab, and like it a lot.
I'm not religious about it, but having tried lots of the Tone Lab in gigs, and comparing to my Mesa Lone Star with a Screamer, Blues Driver and a Crybaby, I have opted to stay tubes for the current project. I also found the modelers didn't project enough. Our band is very loud, thanks to a monster drummer and keyboardist with a full organ and analog keys rig. I just find tubes cut through that wall more effectively than modelers.
The landscape is changing, but an awful lot of younger players still swear by tubes, not just us old farts.