For one, I just don't agree with the highlighted statement - there is no presence when sitting at Symphony Hall's rear-left and rear-right orchestra seats, for example; it's even worse at Tanglewood; but the experience is still believable; try it. I just do not buy that every seat in every hall offers presence, therefore, presence is not part of what makes things believable to me; it just adds Excitement, but on the other hand, there is nothing wrong in seeking Presence as well. In fact, I'd rather be on the conductor's podium! So nothing wrong with your definition of believability either, but I don't agree that a system w/o presence won't be believable. For example, I have heard highly believable systems (per my definition) - like the Magico M5s, driven by Nagra tubes - which render everything far into the stage, with no real presence [performers not in front of me], and they were spectacular in their own right; a lot of folks like that sound.
You also brought up an interesting counterpoint in your last sentence: what is "enough" for believability; and you mentioned perhaps timbre plus volume and dynamics. I just focused on what is the TOP attribute and what comes after, but not what's enough. I have not thought about what's "enough".