@The59Sound Yup, this is essentially me. I have a wonderful backline that sounds amazing, but for my current gig I only run a Line6 Helix via our desk and straight to In-Ears. I don't use any cabinet simulation but I have carved my outgoing sound with drive, EQ and a bit of compression. We then tweak the EQ per venue when necessary for FOH.
I totally agree that whereas some IEMs are 'good', there is nothing like running something really nice in your ears through a stereo mixed system. Rocking up to a gig with a pair of basses and a gig box is pretty nice these days and I can be as loud or as quiet as I want to be in my mix and never upset anyone
My one thing I make a point of when it comes to the way in which most bands do their IEM mixes (and by that I mean on a relative budget if it's not a Pro function type rig) is that many complain of feeling disconnected from the venue and audience when using IEMs that are capable of a large amount of attenuation of the ambient room sound. Think of it this way. The singer's voice in to the mic is being thrown straight to your ear drums without any sort of air gap that you'd have on stage between speakers and head. Same for the mic'd up guitars. The keyboards too. Drums, when on a budget may not have a monitor mix that gives a bit of space either unless there are enough channels to mic and mix the whole kit. (A luxury for some)
So, one of the most important aspects for me is a stereo, realistic blend of the ambient venue and stage sound in to your IEMs. For me I can balance the ambient sound with my monitor mix and it sounds way more like the sound of the band on stage. Stereo because Mono just becomes way too congested (for me anyway) with a busy band set up. Oh and your ears aren't picking up in mono lol. I actually recorded a video about the subject ages ago, but since then I have upgraded my personal kit arrangement, so I am well overdue to do another. Everyone who has tried my rig has absolutely loved it! Definitely worth looking in to that as it can be a huge help to bring life back to a mix on a budget*.
*By this I mean not having access to say a digital desk with effects and EQ on each channel etc. I will however be correct as said devices aren't that expensive these days in the grand scheme of things.
I may come back and edit this as I typed quickly whilst waiting to teach my next lesson!