I do like when the system can do both, in actuality, IMO, the recording should dictate these scenarios , in this sense, I'm more inline to MikeL approach ...
Regards
sometimes the recording defines a large space, all around with scale and low frequency ambient clues, and "we are there" to some degree in that large space. other times it's more that the performers and instruments "are there" in our room, with their more intimate space. a sense of close proximity. maybe not defining the outer limits of the soundstage.
linearity, ease, and extension in the bottom octaves does underscore any system's ability to do both. it's big part of how space gets defined. "they are here" can also be '"we are there" with the right recording and low octave definition. it's not necessarily one way exclusive to the other. not all good recordings have equally live presence.
both you are there and they are here can be immersive and holographic.....in my particular room and with my system. "they are here" can give you more the reach out and touch it sort of sound.
systems with headroom in speakers ability to move air and amplification with low noise along with top to bottom coherence do the large space "we are there" more easily....but cannot always get the intimate "they are here" to the same level of success. and not all driver types result in the same presentation. there is more than one right way to do it.
different music and recordings can lean one way or the other, if your system can play it both ways.
of course, not all recordings succeed at either one.....relative to the recordings with more ambient clues and sense of ensemble and flow. all acoustic simple recordings tend to do better than multi-tracked. but sometimes multi-tracked can be great.