That's the idea. I've been using an XT Live for a few years and use it for recording both guitars and bass. I also use it live and despite peoples misgivings about it; it has worked flawlessly and I often (actually pretty much always) get comments from other guitarists about how good my sound is. I often put a 6505 on stage and plug the pedal into the effects return. This seems to confuse the whingy purists that spend more time and effort on tone and sweep picking than writing a good song or having fun.
Ideally I'd like to be able to tour in one car with the drum kit (When are line 6 going to start building drummers) a guitar each, the Helix and two active monitors that can be used as backup/stage monitoring. :)
Practicing and recording would be even more simple as we could just plug into it and the PA.
More time for music and less time messing around.