I think the most holographic sound stage I've ever heard was on the Infinity IRS. If you'd heard it you'd know exactly why people refer to it as holographic -- it's as if you could walk between the instruments, so precisely are the delineated in three dimensional space.
Is it realistic? That's another question entirely. Most of the live acoustical music I've heard didn't image that way. The locations of the instruments are more diffuse, more a cloud than a point, and there was no sense of space between them. And sometimes instruments don't even come from where they should, e.g., if you close your eyes at Carnegie Hall it can sound as if some instruments are coming from the proscenium arch (depending on seating angles).
Is it realistic? That's another question entirely. Most of the live acoustical music I've heard didn't image that way. The locations of the instruments are more diffuse, more a cloud than a point, and there was no sense of space between them. And sometimes instruments don't even come from where they should, e.g., if you close your eyes at Carnegie Hall it can sound as if some instruments are coming from the proscenium arch (depending on seating angles).