A really great question, and a lot of thoughtful responses. One thing I’d add is it also depends on how you listen. I’m often astonished at how much I can enjoy a wide variety of completely different systems.
I have a friend who primarily listens alone, and prioritizes detail, frequency extremes, and soundstage (and has a lot of money). So he’s a digital guy with Wilson Sasha Vs, Wilson Loke subs and Simaudio top-of-the-line separates.
I do my more serious listening in a more social environment, with a friend or two sipping brown liquor, and no one in the exact sweet spot. And I’m a midrange/tonality guy - and I suspect I’m a little bit sensitive to phase coherence. So I do vinyl, with relatively low powered tube amps and simple, efficient speakers.
I love my friend’s system and can hear and appreciate its differences from mine. But when I listen the way I listen, I actually just prefer my system, which at current MSRP would probably cost half, or less, the cost of his. I’m not trying to identify the tinkling of the crystal on the tables in the club; I’m just focused on emotional engagement with the music. Don’t get me wrong, the presence of the tinkling crystal can help to establish the vibe of the club, which in turn can connect me to the music, but for me its emphasis is much less important.