ack, I place greater importance on the notion of Presence. In my experience, a sense of presence has everything to do with "believability" in a home audio system. Of course, timbre has to be accurate, but if the system sounds flat, or images are undefined or wrong, in scale or location, or there is no dimensional, palpable impression of the performers in front of the listener, then it is just not believable to me. The sound also must give the impression of leaving the plane of the speakers and come out to fill the listening space. I have heard systems with accurate timbre but no presence, and they have not sounded believable to me. They may produce good stereo sound, but that is about all. They will not engage me emotionally, and although I appreciate the accurate timbre, I start to listen for more as if something is missing. I listen to the sound but don't get lost in the music.
I have compared the sound of an opera, heard over four consecutive mornings and afternoons from the front edge of the orchestra pit mere feet from the conductor to the sound later during those same four evenings heard from the front row of the director's box at the Vienna State Opera house. The sound was surely different, and I agree the level of excitement changed, but there was no lack of presence from the seats in the back of the hall in the second balcony at center. The presence was still there in abundance, it was just that my perspective or relationship to the performers on stage was different. The shape, scale, location and ratio of direct to reflected sound changed, but there was no mistaking the vivid presence of the performers in the hall. The listening perspective was just different.
Frank and DDK wrote about the "full effect" while listening to their audio systems. If a system has presence, as well as the other necessary ingredients for believability, then that system will have it as one walks around the listening room. In the most successful systems, I find that the degree of presence and believability do not change much as one moves around. This is similar to the experience in a concert hall. The sound is always believable and is always "present", but if a system lacks this presence, then for me it is not believable.
Here is a qualification: One can argue that if the timbre, plus volume and dynamics, of a system playing a recording of a piano, are accurate, then the system will reproduce the sound of a piano convincingly as heard outside of the room, down the hallway. That is true, and one may "believe" that it is a real piano being played out of sight. So, perhaps that is enough for "believability". But, for me the stake are higher when seated in the listening room with the system, as they are while seated in a concert hall. I am after emotional connection to the music, and this is elevated when the system has both believable, accurate, timbre and also a sense of Presence.