Works great but another method is just get a decent multi-effects pedal like a Boss -GT-8 and then run it through Amplitube.

Not only can you get multiple tones, but you can tweak your guitar tracks after the fact to make them sit better in the overall mix with the rest of the instruments.

One trick I use sometimes if the guitar track isn't driven enough, is to run the guitar track through a single output to an amp in the studio.

You mic the amp and re-record it on a separate track and then mix it in with the original recording so you can slightly pan it.

That way you get the processed electronic sound plus the natural overdrive sound if something like a Marshall 2600 with an attenuator.