This thread has gone on long enough, but I'm nevertheless inclined to make a couple of comments.
First: the notion that good recordings sound great, bad recordings bad, on a fine system. These undefined terms ("great," "bad," etc.) are a problem. A fine system is exciting almost regardless of the content it's reproducing. There's a presence to the presentation, a depth to the bass, a sparkle to the highs, that's a visceral thrill regardless of what's being played. But, that said, a fine system of course reveals the limitations of poor recordings. It doesn't necessarily make them sound "bad"; on the contrary, it often makes them sound better than they deserve to sound, IMO. But: it brings out subtleties and detail and soundstage specificity in good recordings that a lesser system just can't reproduce at all.
The lesson: the quality of the original recording is probably the second most important element in audiophiliac satisfaction (the audio system itself being first). There are many great recordings, especially in the "classical" realm in digital formats (including SACD). Recordings that not only reproduce the timbre of instruments as they actually sound, but that manage to create an illusion of spatial precision that can far exceed that of a live performance. Those recordings, played on superlative systems, is what this "hobby" is all about.
Led Zeppelin? Yeah, even relatively poorly remastered versions are viscerally exciting played loud on a good system (hell, admit it: they're exciting played loud in one's car). That's not to deny that there are better and worse versions; I own a clean copy of the Robert Ludwig pressing of LZII, and it is something. But, hey; they're all Led Zeppelin, and as such, they have their limitations AS MUSIC. There are many, many things to be appreciated in music that a Zep fan has no idea of. Sorry, but the exquisite chamber music moments in Haydn symphonies, or in the inner movements of Mozart symphonies, or, or, or...no Zeppelin track can compare to.
Now, as to Millercarbon's rant against tone controls. No room is perfect. No mastering is exactly like a different one of the same performance (there are even differences between CD and SACD masterings of the same original tape). Tone controls are no panacea, and passing a signal through a potentiometer does, of course, degrade it to some small extent. But tone controls, used judiciously and with skill, can partially compensate for problematic room acoustics, for a speaker's tendency to be overly bright, for a recording's intrinsic flaws, and for many other problems. Why would one not want to have that sort of control over the general acoustic profile of recorded music? Even if you don't know what you're doing, tone controls can be a plus; you can partially tailor the music to your tastes, even if those tastes are contrary to what the recording engineer or original performer wanted.