I love live music, I bet you do too. Even though I would like my home system to replicate that experience, my system seems to be missing something. So here go some questions for you:
Part 1: Is that "Live" sound a key reference against which an ambitious system should be judged?
Part 2: How is an actual "Live" performance different, in a technical sense, from what most home systems can reproduce?
Part 3: Is "Live" sound even worth chasing? What happens when the dog catches the car?
I'm a "Live" sound sort of guy.
There are different topics:
1. Performance
Some musicians are actually transcended by the stage
Ambiance is different. As is the challenge, the complicity between musicians, and the adrenaline linked to a live event, I guess.
2. Technically, "Live" sound is a challenge. Translate "nightmare".
And the smaller the venue, the bigger the challenge.
In-ear monitoring,digital drums and keyboards, all those help, for sure.
But there is a risk this may then conflict with the point 1 benefits.
3. Nowadays, recording a live event is easy.
Dante and other low latency audio network technologies are game changers.
But that doesn't fix the live sound capture challenges: mics proximity, non ideal conditions, unexpected incidents...
4. One of the main difference between recorded live sound and the real thing is the same than for the original sound recording: you can't produce even remotely similar dynamic range.
If you did, nobody would listen to it, anyway.
Not only for accoustic instrumemts: even the big rock or blues, with modern PA systems, which are very close to HiFi + an incredible dynamic capacity, are usually less compressed than what you may find as sold production.