Recently, I had a problem where I was getting audio indication on my Axe I/O One, audio indication in the Control Panel but nothing in Amplitube (AT5, specifically). I reinstalled the software and reset the Axe I/O One to defaults through the Control Panel with no success. When I looked into the AT5 setup, Audi/MIDI tab, I had the correct technology selected (ASIO) and all of the other settings except for Input Device were enabled and selected correctly. The Input Device is Axe I/O One greyed out. There is really only one option for each of the Inputs being Axe I/O One is a single channel device anyway.
Note that I have had Axe I/O One for about 6 months or so w/o any issues. I am not sure what caused the problem. It may have been a result of updating Tone Net. There was a recent update but I can't be sure. Just be aware.
The solution was to go into the AT5 setup dialog (upper right corner menu icon) and in the Audio/MIDI tab, click on each of the input settings and select the only option shown. Mine started working after clicking on the Right Channel and selecting Input 1 (the only option available). Do this whether the correct value is shown and looks enabled. Apparently, something got out of sync and selecting it anyway forces the value to update somewhere.