Does Your System Sound Like the Real Thing?

Q #1: No. Furthermore I have never heard a system come close to sound of a live performance, regardless of the cost of the system (Pipedreams, Avant Garde Trios w/bass horns, Wilson, etc.).

Q #2: Perhaps with advanced technology. Not necessarily on the reproducing side, but on the perceiving side.

i feel this would be tough to accomplish. for one thing, you would have to go see the concert when it was recorded so you personnally would have a reference on how it sounded live. then you would have to trust the recording engineers that they did a perfect job at placing the mikes and recording every bit of info. if the engineers didn't do a good job, then it wouldn't matter how good your equipment or power is, it will not sound the same. also, i'm not sure that i want my system to always sound like the real thing. I love concerts, and go to quite a few of them each year, but i also like the calmness of listening to a smooth jazz cd or album just to mellow out after a long day at work.

ATC actually put a pair of their active 100 speakers on stage in place of the actual orchestra. Rumor had it that it was very close to the real thing. ATC's can play 115dB continuous and active speakers have good uncompressed dynamic range.
I agree with Warrenh that synthesized music is close but live 3 instrument trio, for example, on a stereo is not even close to live unamplified music. There is just too much haze added in each step of the microphone, recording, mixdown etc.
But direct to disc, especially at 24 bit 192 res. is supposed to be a step above what we normally get on redbook or SACD.

Interesting range of responses. I'm a little surprised the a few think their systems sound better than real performers playing.

It is an interesting set of responses -- great reading. In a nutshell, my answer is "sometimes". The soundstage simply can't be wide enough and the overall dynamics just can't be replicated. However, it really does sound like Sara McLaughlin is there in front of me. It really does sound like a symphonic kettle drum. It really does sound like an acoustic guitar ... well, you get the idea. Is the entire symphony or band there stretched out in front of me? No. Do individual voices or instruments sound like they are there? Often, yes. Often enough, I guess ;-)