EXACTLY ^^^^
I own one piece of modeling gear - ONE. It's a Wah, with wah models inside. It has some dirt boxes (aka distortion/overdrive) but I don't use them....that's what the AMP does. I have never felt great about the modeling stuff, and I've tried them all (so far).
Playing with guys that bring a 'modeling rig' make me smile. I enjoy taking their lunch money and kicking sand in their face - hahaha
Modeling gear sounds good in my headphones, but never really did anything for me in a live situation.
Not true
You own and use a GX700

You just don't use the amo modelling.
Personally began with modelling gear, but I never ever tried to get a specific piece of equipment sound. I just tried to get a sound I liked. If I am honest I had a good run with the Boss GT stuff, but weirdly I went in reverse as the one I used the most was the GT5. Even recorded our first 7" single using an amp model and then boosted with it's analogue drive sections.
As for this MP1 plug in. I'd use if it I didn't own 3 MP1s. I couldn't possibly say if it was like the real thing or not unless I tried it but I don't have a need for it so I wont bother.
If others get some use out of it then hell yeah use it, but I tend to switch of when I see something claiming to be the same as something because usually it just isn't even if it sounds good.