measurements do not necessarily correlate to observed sound
Depends what you mean by "observed sound." Our everyday observations of sound are heavily influenced by non-sonic factors--setting, mood, prior opinions about the performers/equipment, etc. Your brain is wired to synthesize information from all your senses, plus stored memories, and that's what it does. Obviously, measurements of sound aren't going to tell you anything about all the non-sonic things that are part of your mental mix when you're listening to something.
But if we isolate our hearing perception from all that non-sonic stuff--by listening without knowing what we're listening to--there is a high degree of correlation between certain measurements and our perceptions. See, for example, the work that Floyd Toole and Sean Olive have done on speaker preferences. A good basic summary is contained here:
http://www.harman.com/about_harman/technology_leadership.aspx
See also Earl Geddes's work in progress here:
http://www.gedlee.com/

