The limitation, as I understand it, is not with the MIDI end but with the synthesizer. For example, listen to the sample modeling trumpet or trombone and compare it to any other "ordinary synthesizer" trumpet and trombone. The difference is vast. One is complex and rich, the others are puny and unsatisfying once you have used the "good stuff".
I would not be surprised that if Acoustic Bass was done with the sample modeling technology you would find it hard to tell the difference between smABass and the Real Tracks (e.g. live real A Bass).