Thanks for the responses. The majority of posters so far have a preference for the experience of "you are there." I have a pet theory about what creates that experience:
Whether a system sounds like they are here or you are there is principally determined by AMBIENT CUES during playback. The presence/characteristics of ambient cues during playback is itself largely determined by the following, in descending order of importance:
(1) RECORDING: Ratio of direct to reflected sound.
(2) LISTENING ROOM: Resemblance to the recording space.
(3) EQUIPMENT: Relative neutrality or coloration.
RE: (1) RECORDING. Recordings that contain ambient cues are more likely to provide the experience that you are there. Those that lack them are more likely to provide the experience that they are here. The presence of ambient cues is mostly a consequence of the ratio of direct to reflected sound contained in the recording.
The ratio of direct to reflected sound is itself largely a consequence of microphone type and placement: The (a) more directional the pickup pattern of the microphone; and (b) the closer the microphone is placed to the acoustical event, the higher the ratio of direct to reflected sound on the recording. The (a) less directional the pickup pattern of the microphone; and (b) the farther the microphone is placed from the acoustical event, the lower the ratio of direct to reflected sound on the recording.
Since ambient cues about the acoustical environment are disproportionately contained in the reflected sound, recordings that have a lower ratio of direct to reflected sound will have more ambient cues, and consequently, sound more like you are there.
RE: (2) LISTENING ROOM. Listening rooms that resemble the recording space are more likely to provide the experience that you are there. That is because, when the listening room resembles the recordings space, they have similar ambient cues. As a result, the ambient cues of the listening room will naturally augment the ambient cues of the recording space contained in the recording, enhancing the experience that you are there.
Resemblance is a matter of size, shape, quantity/placement/ratio of absorption and diffusion, reverberation time, and so on. The more your listening room resembles the recording space in each of those characteristics, the more it will sound like you are there.
RE: (3) EQUIPMENT. Equipment that is neutral, in the sense of degree of absence of coloration is more likely to provide the experience that you are there. That is because colorations frequently conceal, corrupt, or eliminate the ambient cues of a recording, thereby reducing the experience that you are there.
Some colorations, it could be argued, add ambient cues of the own, thereby increasing the likelihood of the experience that you are there. I have doubts about this, since the ambient cues added by colorations are largely constant, whereas the ambient cues of recording spaces are infinitely variable. Hence the chances of the two resembling each other across a wide range of recordings seems unlikely. Therefore, colorations that add "ambient cues" of their own may often enhance the experience that "you are somewhere," but seldom that "you are there."
Fire away.