Is it possible to really know what you're doing?

@emergingsoul said: "...does anyone really understand what they’re buying absent being an engineering tech savvy individual....

I think if it were based purely on engineering, one could do this in what I referred to above as a "holistic" approach, using specs and compatibility, room analysis and the like. My experience has been that every piece of equipment has some characteristic (coloration?)* that requires a more nuanced approach to matching pieces to achieve a result that works as a system. And that doesn’t even address room acoustics and placement (which again, can be done remotely by analysis but ultimately, to me, is also fine tuning by ear). 

I addressed your original question by observing that I don’t have an holistic approach to system building, since I need to hear the various components in combination in a given room, taking account of set up and placement. I readily admit I’m a subjectivist and don’t rely on specs or measurements alone, though I respect the engineering aspects and some of the basic issues like matching speaker and appropriate amp, impedance, gain, etc. 

*One thing I've observed on my journey in audio is that you often don't know there is a coloration until it is absent. That is often a revelation. 

@whart 

Thoughtful comments.

I dare say you know what you're doing.  Awesome Horn speakers and a turntable and everything else speaks highly of the wisdom you possess.

What a lovely space you have.

@devinplombier 

I would say that the first step is for a person to determine what type of speakers they prefer. That is, not brand or model; but rather speaker architecture. 

Is it open baffle? Planar? Stand-mount with subs? Active or passive?

Agree 100% - speakers are the most important component because of their inherent colourations and interference effects of drivers with each other and with the room.  But you missed a very important consideration - are they designed to emulate a point source of sound?

Answering this simple question can eliminate 99% of speakers!  Not to mention, antagonising the 99% of audiophiles who own those speakers. 

There is an interesting viewpoint on MBL's website: Company

On questions like the OP posted, the subject is always in the context on one's system. A generality. The most important contributing factor is the room.

@lanx0003 

I agree that a reference / standard needs to be established.  ... This includes precise imaging—where each sound source is rendered with a clear, stable, and locational presence within the soundstage

Those of us who mainly listen to ’classical’ music do indeed have a reference / standard in live, unamplified performances in concert hall acoustics. 

These concert hall acoustics however do not offer a clear locational presence within a soundstage especially if several performers are playing simultaneously.

Try a large-scale Mahler symphony where at times over 100 musicians are playing simultaneously, often loudly.  Even when Mahler throttles back to say, a mandolin solo, the hall acoustics still dominate directivity!  See the MBL reference in my previous post ...