Box of 1,000 sounds
Thinking about a modeler in terms of how many potential tones it can create is the wrong way `round, IMO. (Unless you're really trying to nail hundreds of different tones.) The way I see it a modeler has to give me one or two great tones. This is no different than buying any other amp.
The fact that you could get hundreds of other tones out of the modeler just means that someone else having different musical objectives could use the same modeler and get one or two other great tones that satisfy him.
It's a subtle distinction, and one that hinges upon the user's point of view. I think of a modeler more as a "universal" rig than as a "swiss army knife". I customize it once and leave it alone.
I don't program different sounds for different genres because, frankly, my range on the instrument is rather limited (or to put a more positive spin on it: individualistic). But if you wanted to go from country to jazz to shred to classic rock to blues to power pop to metal... you (theoretically) could (although you might want to change guitars for the sake of appearance at the very least).