Seth,
I must apologise for sounding like a cheap lawyer, back-door open. "Can be, properly designed" etc. Not all amplifiers are properly designed (not intending to be arrogant). Thus your Magnavox might well sound better than some more expensive discreet component designs. I am unfortunately not familiar with most commercial designs. I have seen the circuit diagrams of some, and some could be improved. How to put it: I would say that it is easier to get I.C. products sounding good - they "come" with much of the circuit finished at the I.C. factory. But as mentioned, if I need a "blameless" amplifier I would use discrete components because I can design the (smaller) imperfections of I.C.s out of the circuit.
That leaves you without a simple reply, but I hope you understand what I am stating. I rather think most high-end circuits use discreet designs, no ICs that I have encountered. But I am not familiar with enough of them to say. Hopefully someone else can shed light here. The things to look for (which most do not give!) are phase and loop gain graphs.