What is trully important?


So I read about all these expensive bits of gear here and I have some thoughts. In the world of large money bands and their touring where individual seats can cost well north of 5G is there any sort of restriction on equipment they can buy? I don't think so and they want fidelity. What do recording studios use for session recordings? Is the idea of true to life important and what do you use to get there? Does real life reproduction matter or is some sort of electronic pure tonal thing the most important even though you will never hear that in live venues.
  I am fascinated by the amount of money spent that the pros never spend to get results and the pros are a purely result driven group.
mahlman
Who ever said that the “pros” have any idea what they are listening to? Those guys from the 60s who really knew what they were doing are long gone. What we are after is the realistic and satisfying reproduction of a musical performance in a home setting. Which can be totally ruined by what many of these guys do. All this has very little to do with the enjoyment of music. I’ll take music any way I can get it. Yes, I prefer to listen at the highest possible fidelity. But, that is usually not available. As long as I can tap my foot I am a happy guy.
The highest possible fidelity is not a subjective target. It is a poorly defined objective one. Anyone hearing a first class reproduction will jump to the same conclusion. Wow, that sounds like they are really in the room etc. You know it when you hear it. The enjoyment of music is an altogether different subject. 
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"I never understood the fascination some have with the studio monitor paradigm. Studio monitors aren't hifi speakers and the intent of their design is to be very flat and analytical. Personally, I'm more interested in what a recording is mastered on"
  OK what exactly do you mean by flat and analytical? If you mean speakers that do not color the music but give faithful replay of what is being done I want flat and analytical. I can add spice to the sound with all kinds of electronics but the speaker needs to be like I am there. Studio monitors I have heard did that and those guys doing the mastering listen to what they have done on them. I never see exotic or designer named anything with bands and sound pros where they earn a living and I want to hear that same sound. So why not use what they use?
The Yamaha NS-10m, which dominated the studios in the 80’s was far from flat and analytical. In my experience, engineers and producers just wanted consistency between studios and the good ones could predict how the music would sound on a wide variety of speakers by extrapolating from what they heard on the Yamahas. Same thing with Auritone 4" cube monitors. Hugely popular.

As for concert sound, engineers are faced with a multitude of issues - feedback, monitoring projecting in huge stadiums and open air - not to mention budget.  The Grateful Dead had a huge high-end sound system, but it proved too expensive to keep.