Chris,
This, to my mind, is an excellent question. But is there such a thing as too much holography? In a natural event, say a string quartet, which I listen to often live, and I drift away from the music and switch on the "audiophile ear", I can of course aurally walk right around the players. I have quite a number of recorded string quartets, where I can almost get the same result in front of my rig at home. There are a few recordings where the space between and around the players is even bigger. That may be very impressive but for the trained ear completely unnatural. So thinking along those lines, had I not been to many concerts I would be proud of how good my stereo is, but since I have, all this exaggereated three dimensionality makes me uncomfortable.