Excellent comments, all.
Pearson did indeed go much further than Holt in describing the purely "sound effects" contained in recordings (including the infamous sound of subway trains running under the streets in recordings made in NYC, for instance). But Holt, being a recording engineer, knew far better than Pearson that the sound contained in a recording is not necessarily what the music sounded like when performed live. And for studio recordings, Pearson’s "rule" is completely and utterly inappropriate. Capturing the natural sound of acoustic instruments in real space is not at all what the vast majority of studio engineers are attempting to achieve.
The reason I value Art Dudley’s reviews above all others is that he was listening for how the piece of gear under review affected not just the sound of the music, but the music itself (plus, he had great musical taste, including a love of Bluegrass, which he also performed). Yes, PRAT and all the other musical concerns. Gordon Holt was definitely from the original generation of audiophiles (WWII generation), which considered the freedom from "vowel coloration" (a term coined by Holt) in the reproduction of instrumental and vocal timbres the first priority of a hi-fi system. I, having a very low tolerance for such coloration, shared with him that point of view. Loudspeakers in the 1950’s and ’60’s were plagued by it (easily heard in the sound of vocals, with which we are all very familiar), which is why I was knocked out when I heard music reproduced by an electrostatic loudspeaker. Far more transparent than non-ESL’s, but more importantly far less colored. Horns? Way, way, WAY too colored for me.