Yes, specifications are important and do matter, in many ways.
All electronic devices, for example amplifiers are designed and constructed based on specifications first. This is Engineering 101. Design and build an audio power amplifier, with a minimum frequency range of 20 HZ to 20kHZ, power output into 8 Ohms of 250 WPC, harmonic distortion not to exceed 1%, output impedance of x and input impedance of Y. There are other specifications given to the designer, but, these are characteristic.
Specifications with regards to the end user depends on who the end user is. Military useage is different than the average audiophile. For Military, it better meet or exceed the desired specs. For the Audiophile, what exactly do you need to know? 1. Power output over the frequence range, 2 Input impedance, 3. Output impedance, 4 distortion, 5 operating frequency range, 6 load impedance it is designed to handle.
So, yes, specifications are important. If you purchased some relatively inefficient speakers, that have an operating impedance going down to 1 ohm, are you going to pay attention to the specs of the proposed amp? I should hope so. Distortion below 1% is very good in todays standards. But, high distortion is something I want to know about. The amp should be an infinite bus over frequency that amplifies the signal with zero change to the signal. That is what an amplifier is supposed to do. So, yes, distortion ratings are important. However, some manufacturers taylor their designs to a certain sound, read "this adds certain acceptable distortion to the signal" to achieve a certain sound. Too much distortion is just poor design.
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