@Pennyless Audiophile : “
The musical reproduction experience is more than a pure auditory sensation and there is no point in denying it. What you will experience will depend from a lot of factors and the equipment actual sound performance is just one of them.”
Could you mention a few of the others that you have in mind, please?
Type of listening (exclusive, background, distracted, focused...)
The Recording (is it a live recording in a real room, an artificially assembled performance of artists, electronic music, how much detail is present )
Mixing and Mastering (are instruments well separated or amalgamated, how is the stereo separation?, is it loud at 0dB or is rich of dynamics)
The room in terms of acoustic (self explanatory)
The room in terms of comfort ( are you sitting comfortably, is it a place where it is nice to stay, does it look good - including the equipment)
Mental state (relaxed, tense, concerned, distracted, interested...)
Physical state (tired, alert, aching ... or great)
General attitude (Do you tend to chase things or run away, do you see glasses half full or half empty, are you visual, auditory, Kinestesic)
Cultural level (Do you understand: why and how there is music of that kind, coming from that country, from that time, how does it fit with the rest of the cultural environment)
Musical knowledge, in general (can you tell the key? The chords? Can you tell the notes from one another?)
Musical knowledge of the specific music being listened (Do you know the story of the author and the interpreters? The story of a specific song?)
All of this conjure to produce the listening experience. Honestly, I would say that the equipment is a rather small part.
I would also add that the factors are not additive, they are multiplicative. A crap mastering cannot be compensated by a great musical knowledge, everything must be balanced to have a satisfactory experience.