I've been jamming with my old friends and the guitar and bass are direct into the mixer and back to headphone feeds. I grabbed a Strymon Iridium for my pedal board, and use that. I've also used it to do some quick demos to send to the bass player so he could work out his parts. I think it has been better than my old PodXT. There's no reverb, just some "room" emulation, but that's been plenty. I don't feel any lack of response. Once I fire it up and get my level set, it's off to the races.
As PSP, I won't use the Strymon. I'll just use my amp.
As for the ToneMasters only emulating a Fender amp, that's not really an issue to me. If I plug in my Princeton, that's the only sound I'll get. Whether it's a Fender tube amp or a ToneMaster, it's not going to be a Marshall or a Soldano.