Watch this video on what you have to do with an Axe FX III to use the tone matching on it. He even mentions a couple of times in the video that this is similar to refining with the Kemper.
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I will take the Kemper refine process over this any day. To me the one bonus of the tone match in the Axe III is that you save it out as an IR that can be used with other things. That part is cool. But to compare the two processes, I think the Kemper process is much easier.