Sure, there are guitarists who'll say that no software will ever come close to emulating a '65 Deluxe Reverb or a Marshall JCM800. But the folks at IK Multimedia have been doing a pretty good job emulating those amps as well as effects for a while now. Earlier this month, the company came out with three different versions of AmpliTube apps for the iPhone: a free version, a $2.99 LE version and a fully loaded $19.99 version that includes eleven stomp boxes, five amps, five cabinets and more.
So instead of having to bust out that amp and pedal board full of effects, you could bypass all of that and run directly into your iPhone, iPod Touch or iPad using IK's iRig, which is $39.99 and is supposed to ship until the first week of July. While some reviews say the app sounds killer, there's not a whole lot you can do if you can't plug into the iRig. But judging from using AmpliTube in the past, especially their amp models, IK makes some really good sounding software. And yeah, while it might seem a lot drop $20 on the fully loaded version and another $40 on the iRig, it's still a lot cheaper than spending thousands on vintage amps and effects.
For more info, check out the IK Multimedia site.