Signal path
After spending some time with the amp now, I wondered what the signal path would be inside the amp. Here is what I came up with.Here is a block diagram with some more detail.
Block #1 is the amp modeling part that makes the amp sound like a Vox30 or a Marshall JCM800, etc.
Block #2 takes care of part of the cabinet modeling. The output level is under control of the VOLUME knob.
Block #3 does the mic modeling.
Block #4 is the power amp. The level is controlled by the MASTER knob.
The effects, like Chorus, delay, etc, are in either block FX PRE or block FX POST.
The speaker
The Celestion speaker by itself acts as a filter since the signal fed to it has frequency components well beyond the 5kHz that it can reproduce reliably. Speakers with a wider frequency range will therefore sound better. Ideally you could use PA speakers as external cabs. I suppose this is the best way to fully enjoy cab modeling (excluding XLR out to PA, of course).With no-cab selected in Line6Edit, the setup could pass as an acoustic guitar amp that way. If you want to try this, make sure the rated power of the external speaker system is more than 100W, if you want to really be loud.
Also be sure to use a speaker system that is at least 8 Ohms.
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