IMHO:
consider you monitors your speakers now. like the guy 'upstairs' said... the physical size of bass frequencies are huge... (up to 26 feet long! that's a big, old, slippery snake, huh!?) so mic'ing isn't really going to do it justice. when you play live, you need big cabinets to push that kind of sound for the audience. but the speaker is just making what the amp is doing audible... which is what your monitors are doing as well... when you DI an amp or go direct, you get ALL the frequencies straight off the bass/amp/DI which you can later manipulate and control without losing the low end because the mic couldn't capture those frequencies. you can always cut frequencies if needed.
you know when you see youtube videos and can't hear the bass?... well... that's because the mic in someones cel phone didn't know what to do with those big, old, dirty, slippery snakes! fight all you want with mics, but i don't think there is a large enough diaphragm out there to capture that 'rumble in your chest' sound. i could be wrong and maybe all you guys like recording with mics on bass amps, but i don't even bother and bass is usually my favorite part of music.
that mic'd sound does work for some things though... like 80's punk. you know, some dig it, but i like the 'felt over heard' approach.
...and now for the 'on the other hand comment'... a lot of people do listen to music with their laptop speakers now a days, and think it's 'just fine', so maybe you don't really need those low frequencies in music anymore?... umm... i try to use them anyways.
all of this of course; not proven. just an opinion.
s