Yeah, the Axe II is amazing for effects. If anything, I would say it is overkill if you only use a few effects and don't need all the switching, but the effects are top notch.
I have had my Axe II for like 7 or 8 years now. I used it as a main rig, but have kind of moved back to my tube amps lately. I have set it up for the basic Detune/Chorus/Delay/Reverb for the loop, and it works well. However, for me it is complete overkill as I pretty much just keep one setting on all the time in the background at a low mix, lol. I did not like it in 4CM as much. Using it in front of the amp did something I didn't like to the tone and attack.
Although, I do switch it up. In the last year or two I also bought a TC Electronic G Major 2, Rocktron Intellifex, Rocktron Replifex, and Lexicon MPX-1. I just always wanted them and they are cheap now, so why not? lol. I kind of switch back and forth between all these units for the same purpose. They all do what I need for the most part, same as the Axe II. I would say where the Axe II would really shine is in the switching and modern programming.