I loved my old Tonelab SE. But I really didn't like how it sounded direct with cabinet modeling on so I would run it into the effects return of a tube amp. I would then use a Palmer PDI-03 to get a good direct sound from the amp.
I even tried running the Tonelab direct into the old EPSi pedal, which was one of the first hardware IR loaders on the market. It just introduced too much noise to be usable.
The first time I got a direct sound I was truly happy with was when I started using the first Atomic Amplifire.
So yes, while the multi effects pedals of old (which you might remember we were calling them before we started calling them "modelers") were perfectly fine and serviceable, I still feel a lot of progress was made when cabinet modeling started to be based on impulse reflections.