The hard thing is that instruments, across the board, have been in loudness wars for 50 years now, and it's hard to really get a bunch of instruments to sound great in a room together because they're so friggin loud. I don't know about anyone else, but while I love the engergy, I can't say I remember ever thinking a full modern rock band sounded great in a studio. I'm sure that making a Tom Petty or Bob Dylan volume could be fine, but anything north of that, energy-wise, is just too much volume for any room that won't be too long for rock tempo.
The thing I've done a couple of times that I LOVE is putting the band in the room with the amps isolated, but giving the band wedges. It gives them all the energy of the live thing, but with a much more controlled sound in the room. I highly recommend it.