One of my favorite folks in audio is Lynn Olson, I quote
"The deepest challenge of designing high fidelity equipment is... reconciling the interior experience of listening with the technical world of measurements. If you can't reconcile the two, or insist that only one exists, you are flying blind. Since I've been designing system speakers for the last twenty years, I've spent much of that time finding associations between the perceptual experience and measurements. With so many possible analytic techniques (frequency response, group delay variation, inter-drive phase angle, polar response vs. frequency, cumulative waterfall display, IM distortion vs. frequency, etc), the hard part is deciding which set of measurements are the most significant." from "Finding Common Ground" at www.aloha-audio.com/library/findingsCG.html
The Article "Finding Common Ground" goes on to describe his findings using a spectrum analyzer that, he argues, undercut many of the common assumptions about distortion that have directed the development of audio for several decades. It's very nice and worth the read.
In any event, we have to reconcile the listening experience with measurements and I certainly do not think we have learned how to measure everything or that we measure the right thing all of the time. If we think we understand it all than we'll stop looking, eh? That being said, I fall on the side on the argument that measurments will tell us most of why wire does what it does and that a huge body of folklore and hype can be avoided with a little respect for EEs and very basic measurements. I use very inexpensive but well designed wire.
As the good Bishop notes, It's nice to have civil discussion on the topic without anyone calling the other deaf or naive.
Sincerely, I remain