For me personally, being an audiophile means having a strong appreciation of the (re)creation of high-quality music. This would include both live events as well as music from an audio system. It doesn't mean that you won't listen to or enjoy any system less than the best, but it does imply that you're aware of the differences of the sound of music and value a higher-quality, higher-fidelity sound. I think this appreciation lends itself to regularly seeking out a high-quality music event, whether it's a live performance or recreation through an audio system, to the extent that listening to the music is the activity, not a supporting activity
Music is an art form, and as such, what is "good" and what is "bad" is highly subjective. Whether the recreation of, say, a violin playing is "good" or "bad" is somewhat more objective. The lengths an individual is willing to go to hear "good" music (re)created in a "good" manner is a significant measure of their audiophile-ness. -Kirk