Loudspeaker sensitivity and dynamics: are the two inexorably linked?

Have been listening to quite a few speakers lately, and increasingly I've noticed that more sensitive speakers tend to have better microdyanmics - the sense that the sound is more "alive" or more like the real thing.

The speakers involved include my own Magico A5's, Joseph Audio Pulsar 2's, and  Wilson Watt/Puppy 7's, as well as others including the Magico M3, Wilson Alexia V, various Sonus Faber's, Magnepan's,  Borressen's, and Rockport models (Cygnus and Avior II).

A recent visit to High Water Sound in NYC topped the cake though: proprietor and vinyl guru Jeff Catalano showed off a pair of Cessaro horns (Opus One) that literally blew our minds (with a few listening buddies).  The Cessaro's sensitivity is rated at 97 db, highest among the aforementioned models.  That system was very close to live performance - and leads to the topic.

I'm not referring to maximum loudness or volume, rather that the music sounds less reproduced and more that the instrumentation and vocals are more real sounding through higher sensitivity speakers.

Is this a real phenomenon?  Or is it more the particular gear I've experienced?

Thoughts?