I've always viewed it this way:
Accurate or transparent is what I like and want. Why? Because I've played music all of my life, and when I'm trying to learn a song, I want to hear what the each individual part is. What's the rhythm guitar doing, the lead, the keyboards. Consequently I grown accustomed to listening this way all of the time. I enjoy my music that way.
Musical is more blended and not necessarily that detailed. A person can sit back and enjoy the song as a whole without needing to or wanting to disect it.
Two examples of this in cables are the Stereovox HDXV (or Kimber D-60) digital cable (accurate) versus the MIT Digital Reference (musical), and more recently the new Basis power cord (extremely accurate) versus the Kubala-Sosna Emotion (musical).
Both accurate and musical are good, it comes down to this, when you sit down and listen to music, what's your pleasure?