I ran a POD XT Pro as my main gigging rig for a while. I still have it for a backup rig. It doesn't have a lot of great amp models (I didn't like most of them), but I will say that it DOES have a few very respectable amp tones. In particular, the Treadplate model does a very nice modern high gain sound. I use mine with a solid state power amp (a Carver - it's a way cool innovative power amp), and it sounds fine.
The Pod will never stack up against really good tube amp gain in the room. But gigging? Most people, including guitarists, won't be able to tell the difference with the good amp models. Like the saying goes, "Once the drums kick in, you can't really distinguish shades of tone."
My XT Pro had the standard efx pack, so it did not have a lot of choices in the effects department, but it definitely had enough to gig with. Also, did you get the FBV board for controlling the XT Pro? If not, it is a very nice footcontroller. It connects with a CAT 5 cable, which used to be expensive, but now it's probably cheaper than a 7 pin MIDI cable.
Did you get the power amp and the XT Pro with those extra packs for $350? That's an incredibly awesome deal.