On a good number of the tunes I record I use both Real Tracks (and live playing) and midi. Some are half and half.

Midi for mostly piano and synths and some triggered drums that I use in addition to Real Drums.

I know my way around midi pretty well (I use it a lot for classical) and would have to say I am leaning towards Bob's viewpoint if you are talking about rock and roll.

Midi is great (and I have heard Mario do awesome stuff with it) but if you are trying to sound like the Rolling Stones or even some modern indie band you can't do that with midi.

However, I have found some Real Track styles where I can get pretty dang close.

I guess it really depends on what you are playing.

For rock, pop, country, Americana, and many forms of Jazz I am sold on Real Tracks for the bed, though I like some midi for various instruments--again, mostly piano, or maybe sax, stuff like that.