IMO, Amplitube is 'ok' if you haven't used a tube amp extensively, especially the amps they model.
But once you try (or live) with some of the amps it tries to emulate, you'll start ranting how Amplitube sounds like 1110000101010101111.
Yeah kinda true. Pero one time dodj, I'll treat you to a blind test. I'll let you guess which tracks I'll post are amplitube and which are the real tube amps (yes I got some). To say the least, it's "usable" and yes that's saying the least for me.
What I just luuuuvvv about it is that even after you've laid down the guitar track, you can still change the character of your guitar sound. Like if you had a fickle guitarist who wanted a tubescreamer on a marshall sound today, then said I'll do a fuzzface on a fender instead. If you had that "hard-coded" via hardware, you're outta luck and will need to re-track even if the guitar take was perfect. Not with a plug-in like amplitube.
I speak kinda affirmatively about it coz it's the best (so far for me to qualify) that I've used and had. Compared to Rock Legends by Nomad and Amplitube 1.0, Amplitube 2.0 is just sooo much better.
But yeah, lemme hear that Eleven thing on PT M-powered...nothing like a good "blowing your mind" off once in a while specially for jadeheads like me.