This hobby is Star Trek where those on planet Vulcan keep emotions and feelings out of and logic and facts matter. Then there's planet Romulus where emotions are the thing and people feel more than they think.
I just look at things from a value for money perspective. It's all over the map with audio gear.
What would need is a definitive correlation of measurements and perception.
And I don't see that coming any time soon as every person perceives different things.
As the philosophers say,reality is an agreement,a consensus.We all say "cobalt blue",we all see how cobalt blue measures and how different is from the russian blue but no one guarantees how is perceived.And to add,a trained or talented or gifted person can tell,describe and mix the exact color but most of the people can't,or don't care.
It's the undefined nature of each hobby that makes it controversial,interesting,etc.
And at the end is not about how precise is the color mix but the dead simple "what color do you like?"
About 6 months on, what have I learned - the truth is somewhere in between subjective and objective, and here is what I am fairly certain of.
1. With electronics (digital, analog, whatever) - DAC's, Headphone Amps, Amplifiers - for the vast majority of people, without extra special hearing, there is a correlation between the measurements and what people here.
2. Beyond a certain threshold - with DAC's, Headphone Amps, Amplifiers - Any improvements are academic, not worth discussing, and most people would not hear the difference. The key reason is, for many, the ambient noise in their listening environment, alone would make it rather difficult for them to hear any further measurable improvements in the gear. We also do not listen to audio with extremes of quiet and loud, which would push gear to its limits. I give an example, I'm using, thanks to the tests of a similar product on AudioScienceReview with identical measurements, the TempoTec Sonata BHD dongle DAC, and the Apple Dongle. I have never heard any noise from them, nothing whatsoever, they are totally silent, unless they are playing back audio/music. Dead Dead silent, no noise, that I can hear. In today's world when the high quality DAC's used in these devices, cost no more than $20, with DAC's we are now in territory where we can be sure that if it measures well, above a certain threshold, it should sound good.
My personal target for DAC's(and headphone amplifiers), based on studying the measurements, and from devices I have owned, and it is interesting to note that in a dongle DAC, one is measuring both the DAC and the headphone amp, since they are inseparably integrated.
Ideal - Signal to Noise >= 120 dB, SINAD <= minus 110 dB, Dynamic Range >= 120dB.
Acceptable - Signal to Noise >= 105 dB, SINAD <= minus 95 dB, Dynamic Range >= 105dB.
Almost every DAC out there meets my acceptable, and many inexpensive Dongle DACs meet and exceed my ideal.
Where there is a bit of a challenge with the DAC's used in the Hi-Fi, Hobbyist world, is there is not much exactness from the manufacturer about the accuracy of frequency response, across the audible spectrum, some manufacturers do not publish this. e.g. 20 hz to 20Khz +/- 0.5 dB.
In the professional audio world, its typical to find a few top end DACs achieve or improve upon a spec of 20hz to 20Khz +/- 0.1 dB.
In other words, with DACs and Headphone amps, and Amplifiers, the specs, where published by a credible manufacturer, or measured independently by a trusted source, give me enough information to reliably purchase an item, and be sure that I would NOT be disappointed with the audio quality.
3. With speakers, its similar, the available tests, give us enough information, which combined with a general knowledge of speaker technology, allow me to make an informed purchase on a speaker (active or passive), with a degree of certainty. And also allow me obviously compare speakers, virtually, based on only their measurements, and know which one I would prefer to deploy. I find this holds true, not just in the hi-fi marketplace, but in the professional audio space. The measurements provide a lot of information., in my case the one I really look out for, is the impulse response. Nevertheless, nothing replaces a personal audition, and where possible being able to hear and compare speakers - side by side, for the ultimate comparison. Reason being - each room is different, and the speaker perception, includes an interaction with the room. I'm comfortable with using the measurements that are available today, to choose between speakers, without having to 1st hear the speaker.
4. Headphones and IEMs - this is the final frontier. The measurements allow us to compare one product to another, and highlight any major deviations from the optimal. But if two devices both measure close enough to the ideal, the variance in their measurements, will NOT sufficiently allow me to infer, which sounds better or which I would prefer. Cos my own HRTF is a factor, and none of these devices was measured with this in mind - using my own HRTF. I unfortunately have to listen to the device myself.
OR
Elicit the the subjective opinions of reviewers, whom I have discovered, have a similar opinion, to mine, on products or music/audio, I have owned or listened to.
Predominant amongst these are Youtubers - Akros, Paul Wasabii, Tone Deaf Monk, Vortex, BangsAudioReviews, AndyAudioVault
So it is a mixed bag, in my personal recent experience.
For electronics and speakers, the measurements easily correspond to what we hear, but with Headphones/IEM's we either must hear them for ourselves or find those whom we can trust, to share their opinions with us.