I generally agree that there are two aspects to this hobby, but I would frame them somewhat differently. For me, the two aspects are 1) the "illusion" aspect and 2) the "pleasure" aspect. I think of the first as being a more intellectual endeavor. Based on the information my ears are receiving, how much do I have to suspend my disbelief that I have been transported to the recording venue? The second is more emotional. Regardless of realism or lack thereof, is what I'm hearing stimulating the pleasure centers of my brain, or is it grating on my nerves? I decided years ago (after some difficult and expensive lessons) that my first concern must be with the pleasure aspect. So, for example, if a piece of equipment excels as creating an illusion of a soundstage, but the string section on that soundstage is reminiscent of fingers on a blackboard, then to heck with the illusion. I prefer a more euphonic blob of undifferentiated sound. That said, this is just the starting point. From the euphonic blob, future improvements should go toward enhancing the illusion while maintaining the pleasure. One could work in the reverse order, but why suffer while reaching for the ultimate goal, which is a pleasurable musical experience that creates the illusion of being in the original recording space?
Musical Speakers - If you like that sort of thing.
I love it when people will post that a particular speaker may not be the most neutral or accurate or resolving, but it sure is musical. Ummm...why do audiophiles want speakers that are less musical? "My speakers make most music sound like rubbish, but they're the best I've ever heard".