What is a high end stereo SUPPOSED to sound like?

Clear as an unmuddied lake, clear as a sky of azure blue (loved A Clockwork Orange).

Very few recordings go for the real, live event. Even those that are sold as live.
All that mixing and effects introduced to what the engineer, artist or label is after. Esoteric labels like MA and Mapleshade, which use minimalist recording techniques, come to mind and there are others that can be used as a reference of sorts.

I remember back when I got my Legacy Classics. The owner of the pair I auditioned knew Steve Hoffman and he had a copy of a Nat King Cole CD that was mastered incorrectly. Hoffman did it as real as possible and the CD came out only to be pulled from the shelves by the Nat King Cole estate since they had to have a certain amount of reverb in them. That CD made it sound like Nat was in the room with you. The one with the reverb didn't. Boy did I try to find a copy of that CD.

All the best,
Nonoise

So, is it fair to say that, since we are rarely in a position to compare a recording of a live event with the live event (even having been there depends on memory and seating location) and studio recordings are typically manipulated, that the ultimate test of a good system is how real the instruments sound, compared to our experience of what such instruments sound like in a live environment?

Very fair, indeed.

The times when it sounds real don't happen as often as we'd like so one must revel in the throes when in its presence, knowing it's fleeting at best.

More wine?

All the best,
Nonoise

I tend to agree that we may underestimate our ability to remember what things sound like. Our senses are powerful tools when tuned in and assessed objectively. Regardless, each person's individual senses are all we each can really depend on.

Very fair, indeed.

The times when it sounds real don't happen as often as we'd like so one must revel in the throes when in its presence, knowing it's fleeting at best.

More wine?

All the best,
Nonoise