I don't own the Two Notes Torpedo, so I can't comment on the GUI. But I went through the specs again and I must correct myself a little, there are even more options like power amp tube simulation (including choice of tubes), mic selection (including positioning) etc.
So it seems the CAB is something like a AXE-style module for the cab & mic part of the signal chain, bringing you comparable tweakability as in the AXE FX or BIAS. Could be a big expansion for the 11R, which is quite limited in this area.
However, I'm not a fan of all these parameter choices. They surely are great, but trouble is you can get lost in tweaking. I prefer to play IRs and look around for some time til I find one that fits my needs and focus on tweaking the 11R parameters, that's enough for me. But again, if you're in the studio or if you're ambitious or just a geek, this might be an all-day-sex-toy.