Live vs home system???

Too many people get caught up on sound quality vs. live concert. A live concert is an experience beyond the sound itself, the energy, and variations of songs vs. the original studio recording is really what its all about. Sounding good, and being loud are pluses however. In order to get live experience at home would require drinking with a bunch of people, a huge projector screen, big speakers and a live concert DVD :-) Thats as close as it comes. Other than that there should be many priorities in a system that can just make everything sound real not necessarily "live".

Recordings themselves and the rooms acoustics your systems are housed will be the determining factor, not 100% just the gear being used to produce the end results you desire.

At home you can only listen to a recording not a performance. There are many occasions where a recording may be preferable to the live event.
I can control the volume exactly where I want it and I have my favorite seat all the time. A truly "live" reproduction in my listening room would not be an enjoyable experience.
I do like to attend performances at the Mesa Center for the Arts at least 3 or 4 times per year to experience the real deal.

If you are listening to your system and it can take you to the venue, that is what its all about.