Thanks Ned, glad I "hooked" you on the Tone Lab SE. The delays are incredible.
Sureshot12,
I have not played with the Line 6 much, but Ned had his cranked up through a powered monitor the other day at Tonefest 2007 and it sounded really good. For direct stuff it might be better. I used my Vox Tonelab a couple of times live. I ran a Fulltone OCD through the loop to try and get the distortion to an even higher quality level. It worked very well into a Boogie 20/20 power amp and a 2X12. Never went direct with it, that's just not my style. I also tried it in a more classic pedal board setup. Guitar into Tone Lab into Randal RM 50 HB into 2X12. Very good sounds and versatility in that set up becasue the Vox has cool overdrive pedals like Klon, Boss OD, Tube Screamer, Treble Booster, Rat, Fuzz Face, Octavia, Univibe and really a ton of cool sounding pedals. As mentioned earlier the delays are very, very good. The only problem with that set up was when switching the RM50 into the high gain channel, it got a little to noisy for my comfort level. A noise gate is built in, but if I were going that route, I'd probably buy a better quality one (Decimator?) and run it somewhere in the signal chain where it didn't rob too much tone.
Lots of possibilities with both. The Tone Lab SE has a reputation of being able to achieve more classic amp tones in the medium gain range, something other modeling units fall short on. Low to medium crunchy sounds like Fender & Vox are very good. Line 6 seems to have the guys who like high gain tones in thier camp. I'm generalizing a little and of course you might find it to be different, but I agree with the general idea that those ideas are correct. I found some of the high gain tones on the Vox to be cool, such as the Soldano and the JCM 800. Recto sounds were not so bueno.