As far as "live" music being the reference, I agree to some degree. Obviously, the speaker is supposed to reproduce the source accurately. But, most albums are mixed and mastered etc, so who knows if the CD is exactly what the live band sounded like. Even concerts can sound different in different venues. Symphonies sound different at Disney hall compared to the Hollywood Bowl, at least per my parents who are avid concert goers. I have heard a local band here in a small basement room and outside at a county fair, sounded quite different even though it was the same guys, same songs, and same gear(well, I'm not a roadie, so I can't verify it was the same gear, but for the sake of my argument, I am going to assume it was).