Yeah, that's what I'm now hearing as well. I've spent a good amount of time with my bandmates Axe Fx III and, honestly, it wasn't until one of the firmwares we installed last year that I heard the III take a significant jump sonically over the II family. Now, of course, it has gotten even better with the last couple of firmware updates.
Honestly, the biggest things that are driving me to move up to the III is 1) the Scene Midi block - which I can use to send midi commands to other pieces of gear - namely my RJM RG-16 audio switcher and tube amp heads and 2) the additional inputs and outputs the III has will allow me to simplify my rig a bit as well. Oh, and 3) even though the III is a 3 space unit, it is much less deep than the II family and that will allow me to use a more shallow rack depth which, for fly gigs will really help.