In dealing with this scenario, I've come up with a fairly complex--but effective--approach. For starters, as a guitarist, I need the fx to play the part, the gain, reverb & delay (my common choices) are part of the soudn and I need 'em there to play the part.
So I play dry--guitar right to amp. But I mic the amp with an extra mic. (So for example, if I'm only tracking with a single SM57, I'll throw two up on it.) One mic goes straight to tape (okay, hard drive, but you get my point). The other mic goes through a rack mount FX--tc or lexicon, depends on the sound I'm going for. (I too, like my PODs reverbs & delays--but I've matched 'em well enough to fool my ears with the post mic rack gear). The main trick is this: in my headphones I only monitor the mic going through the FX box. That way I get my "rock star" sound in my ears that I need to play the part right. But since I'm only tracking the dry mic, I'm free to add the FX later (which really is helpful, so you can tweak 'em to your heart's desire without redoing the take each time).
A couple of bonus tips: If you've got enough inputs, you can record the second, "wet" mic as well. In my case, I'll record both the left and right outputs from the fx box. Because who knows--maybe the TC or Lexicon FX that I used for monitoring turns out be just what the mix needs too--now I've got those tracked as well. Wah-wah & whammy pedals. These I record. Just like the other FX, I need to play off the sounds they make, but I also haven't found desireable "in the box" alternatives. So if I'm using wah or whammy pedals--they go in between the guitar and amp and get tracked.