Mic'ing an amp - even a good amp - has so many different tones depending on mic placement. Then you have all the issues we talk about here in this forum such as how loud it needs to be to get valves cooking, how much gain is added etc. Once you've got the mic placed and the amp at the right level to get that "great" sound, there's the room to consider and the acoustic effects of it. Do you add a room mic. What about a second mic? Well, then you could end up with phasing problems due to the relevant distance of each mic from the speaker.
Lots of variables. Not to mention the noise floor of a decent valve amp when cranked to the "appropriate" volume.
Given the volumes involved this is hardly conducive to a practical home recording environment. Especially with neighbours and the fact that a lot of the time I seem to want to record at night...
Most of you will see where I'm going with this... Some of the modelled amps in the various software / hardware combinations are nothing short of brilliant. For me, if you are prepared to trust your ears, you can find the tone you want from a decent modelling amp. I really like Guitar Rig, but some of the amps in Logic are really good. The Axe FX II sounds unbelievably good too. And the option to add effects and even different mic's: cardioid, dynamic, ribbon are there too.
Short answer: modern day modelling amps cut the mustard. I'd use them any time to record. A live gig, however is a different kettle of fish. There, I believe you need to move some air to get the "feel" of the sound you're producing.