Home Hi-Fi is a better experience than Live in many cases, but the reverse is true often as well. There's no question that a good quality system reproduces music at home in an incredibly good manner, and gives you a lot of flexibility on what you want to experience.
On a strictly sound quality basis, there are at least two instances where Live is definitely better. One - I saw John Williams, the guitarist, live at an intimate venue with fabulous acoustics. I was about 7 rows away and had direct view of his playing. Fabulous. Second - rock concerts with really good acoustics sound so much better than anything you can create at home (or would want to :-) Genesis, Tool, Creed - all examples of rock concerts I've seen where the sound was just incredible, as opposed to the blurry sound you get at many rock concerts.
On a strictly sound quality basis, there are at least two instances where Live is definitely better. One - I saw John Williams, the guitarist, live at an intimate venue with fabulous acoustics. I was about 7 rows away and had direct view of his playing. Fabulous. Second - rock concerts with really good acoustics sound so much better than anything you can create at home (or would want to :-) Genesis, Tool, Creed - all examples of rock concerts I've seen where the sound was just incredible, as opposed to the blurry sound you get at many rock concerts.