At least as of 2012, Vai used Carvin amps live and Axe-Fx just for effects. See:
http://www.premierguitar.com/articles/Rig_Rundown_Steve_VaiCan't find any more recent info. Pretty sure Petrucci does the same thing, with Axe-Fx as effects processor rather than amp modeler. Don't know about Metallica.
There are quite a few artists who do use the Axe-Fx or Kemper live in lieu of amps though: Animals as Leaders, Periphery, Paul Masvidal from Cynic, Devin Townsend (sometimes, he seems to switch back and forth a lot), Jeff Loomis in Arch Enemy uses a Kemper live (https://www.youtube.com/watch?v=J92RP-fFO_g). Plus quite a few lesser known musicians. If you have an Axe-Fx, you can do a fly-in gig with it and have a consistent sound without being at the mercy of whatever crappy backline the venue has. Handy tool for a guitarist for hire.
Especially in metal though, there's a certain showmanship aspect to having a bunch of big loud amps on stage. A lot of the bigger bands for years have even lined stages with dummy stacks of 4x12 cabinets just for show. So even if they start using a modeler, they probably won't make a big deal of it. Smaller bands, playing in smaller venues run into the problem of stage monitoring. You can run your Axe-Fx into front-of-house and probably get a good sound to the crowd, but a lot of the smaller venues have lousy monitoring setups on stage and guitarists are used to essentially using their amp to compensate for that. So you might still want a power amp and cabinet on stage in that case.
Anyway, I have an Axe-Fx II and it's replaced all my tube gear. I wouldn't say it sounds 100% the same, but it's really close. Beyond the sound, what it does that other modelers have not done so well is get the "feel" of playing through a tube amp. The really subtle dynamics and compression that you don't necessarily hear but that affect how you play when your ears and hands are reacting to what the amp does. Leaps and bounds better than Line6 or Podfarm. And at apartment-safe volume levels, I'd even argue that it sounds better than most tube amps, so that's a huge plus for me.