Best amp emulator?

So far I've used Guitar Rig 2 (without the hardware) and there's a lot of lag and I've used Amplitube 2 and that works ok, but I was wondering if there was anything else out there?

Well, there's Waves GTR (http://www.waves.com/content.aspx?id=93) and tons of other individual plugins you can try, but I haven't found anything better than Guitar Rig 2. It has replaced a lot of my stomp boxes.
As for lag and how many instances of Guitar Rig you can run at once, that depends on your hardware. Higher CPU and RAM will allow you to run more plugins at once, and a good recording interface will lower your latency a lot (especially a firewire interface), as well as give you much better recordings.
My recording rig at home is an old 2GHz Athlon with 2GB of RAM. I'm using a FireBox (http://www.presonus.com/firebox.html) now and it's awesome. For the competition song I'm currently running 7 instances of Guitar Rig 2 with some other plugs, and the FireBox is at 8ms. I'm pretty topped out now and will have to bounce some tracks, but I'm definitely happy with that performance.

I fixed GR2 for him. His output device wasn't set to his soundcard.

I'm so smart, right Animism :P

Way to troubleshoot! I'm so proud of you. Now make me a bass line!

I think amplitube sounds much better than Guitar Rig 2. GR2 gives you an ok sound and def better than most can produce with their practice amps and crappy mics. I just don't think the Rectifier sounds even close to the real thing on GR2 and the JCM800 is really off.

I get a bit more latency with Amplitube but I actually really like the Jimi Hendrix amplitube.

I agree about some of the GR presets being "off" as far as what they're supposed to be modeled after, but presets are meant to be more of a starting point anyways. I totally disagree about AmpliTube sounding better, especially the Jimi Hendrix version! There's the odd good preset, but the majority sound pretty poor to me, and the "tweakability" of AmpliTube is nowhere near what it is in Guitar Rig. GR is sorta like Reason in the way that you can build your own rack of effects to get the perfect sound you're looking for. The GUI is also far superior to AmpliTube. To each their own though. There are a lot of people that still swear by their old analog gear, and that's cool. Whatever gets you the sounds you're looking for.

Oh I am sure its more tweakable I got both last week and played with them and just spent more time enjoying the jimi one more than others... even some of those patches were totally off.. Foxey Lady WTF?!? I guess I will have to play with it a bit more but I am one beings I have different cabinets, mics, and heads available I would sooner use the real stuff then use the program heheh I am a tweak nerd though.

If I can get GR2 tweaked though I could lay some tracks down if free time comes available at my music store instead of having to wait till I get home... I will check out some different rack combinations.