Robin_L at ASR has contributed interesting knowledge concerning early recordings such as
Had a job for a year at Ray Avery's Rare Records in Glendale. (PS-I went there for LPs many times) There were lots of 78's there. The fairly large stack of Enrico Caruso 78's went for $10 a pop in 1977. I don't know if you've ever heard an acoustically recorded 78 played back on a properly functioning player of quality, but the results are uncanny. Yes, frequency response is a disaster but the sense of the musician being in the room is greater than I have heard with any other record/play system.
And Caruso was about dynamics and presence above all. It was the nature of his art, a vocal artist who could fill a large hall with sound before amplifiers.
I'd say there're no "Witches" (in the old pejorative sense, not in the more recent neopagan "Oh lookee, there's Aunt Connie with the kush!" sense) but the practice of different forms of audio magic. It's hard to assign a numeric scale of "quality" to music and the quality of its sound. The range of musical soundscapes is far too varied for that.
Mercury was the one company most famous for recording on that media, there were early Everest recordings and issues on the Command Performance label sourced from 35 mm tape as well. Apparently 35 mm tape recordings did not store as well as regular tape so that when the Mercury Living Presence series was carefully reissued on CDs, sometimes the back-up tapes---three channels on 1/2" tape---were used instead. During the late fifties/early sixties, when these sorts of recordings were being made, there was a push to make three-channel recordings and getting that format accessible to the public. RCA's three channel recordings were eventually issued as three-channel SACDs, and Mercury did the same, if I recall correctly. I remember much improved lateral stereo imaging playing the 3-channel sourced material back when I had a 5.1 system. Still have the SACDs.
Think of it---took 40 years and the development of high-resolution audio media to reproduce the sound the audio engineers were hearing back in 1960.
I note that most of the vinyl site regards it as inferior and many say it's not worth listening to.
I will also note that Ward Marston has remastered the entire Caruso catalog on 12 CDs in superb sound, so playing the original 78s is next to unnecessary (I have about 80 of his recordings on 78 and many on LP). Big as life sound in digital as well now.