I guess a good test of a home system as to its suitability to play realistic levels would be to put a real live band through it and see how it deals with it. It might not tell you all you need to know about timbre, soundstage, transparency etc. but it will tell you if your system truncates the dynamic and energy envelope that is a big part of "feeling" live. That is the other thing I think most systems miss from live, a real umph in the mid bass and lower mids. Live sound is meatier.
I agree, and when I really think about it, the systems that I have heard which are purported to sound "accurate", articulate, and resolving, actually sound a bit thin, a bit lean, and a bit bright to me. They seem a bit washed out or bleached to me. Meatier is a good way to describe live sound. I also think of it as having a richer tone. Cymbals are not splashes of white, but colored with weight, and body, and tone.