A couple weeks ago I picked up a Fender FR-12 to use with one of my HX Stomps. It's a keeper. This is the first FRFR that I've been able to dial in well enough to satisfy my 4x12 loving a$$. And this is using the stock 3.50 cabs. Haven't tried any IRs yet, but I haven't used IRs with my Line 6 stuff since 3.50 came out.
Ironically, though, it took different speaker sims than the real speakers I use in my 4x12s. I was trying to match one of my Greenback (blend of G12EVH and Heritage G12H30 55hz) 1960B cabs. But I ended up using the Brit G12T75 4x12 and Brit V30 4x12 sims. But, eh, whatever it takes.
Took it to band practice a week ago too and it sounded great, and is plenty loud. Also, the key to make it sound good is to run line level into the front end. Instrument levels don't sound all that great.
Overall I can hear a little artificial digital thing going on with it, but it's negligible and easily ignored.