In my experience it depends on the acoustics of venue, the quality of the reproduction equipment, the artists and the creative skills, expertise and care employed by people who sit at the desks creating the sound & lighting mix.
I have been at gigs where it I wished I was in front of my system instead of getting assaulted by poor sound quality, precious hearing getting battered with overly loud, poorly mixed and reproduced sound.
I watched the tribute band “Australian Pink Floyd” last weekend at my local arena which is modern and well appointed for 3,500 in a mix of standing and seating or 2,200 fully seated. The band played a tribute to the "Wish You Were Here" as well as a well judged selection of fan pleasers, finishing with a brilliant reprise of comfortably numb.
Not knowing what to expect, I can say I was completely stunned by the quality of the sound in the auditorium, it was crystal clear exceptionally dynamic and emotionally engaging. It was powerful without hurting the ears, with placement of the musicians obvious from the first song.
It was backed up by amazing visuals akin to the pulse concerts and I remember on the way home both my son and myself still excited and thrilled by just how brilliant the band were. They were as near as it makes no difference, note for note perfect in their reproduction of one of the all-time great live bands but also how exceptional the sound was and visuals were. The whole experience was underpinned by this and being in the company of likeminded people who were equally as enthusiastic. My lad was of the same opinion and has substantially younger hearing than me.
I guess there will be some purist out there that will recoil in horror at the tribute band experience but just consider, anything played by a full symphony orchestra is a tribute or interpretation, some breathtakingly great others not so much. However, now and again you come accross one or two "modern" non orchestral bands who get it spot on and this case it was the closest we would ever get to watching Pink Floyd live again, I saw them in Live 8 but my lad has never had that experience and was thrilled by just how brilliant the night was.
For all the reasons above this experience in my opinion, could not be reproduced on any HIFI system. That’s not to say my high-end’ish system doesn’t move, delight and amaze me every day I sit in front of it. I do regard it as an Instrument of music reproduction. I am just saying the experience of live music done well, is fundamentally different. We just have to accept it is the real thing and everything else is a facsimile.
I also find that my own mood and the ambience at the time in my home, greatly influences me and my listening experiences. For instance, I had the Log burner roaring away on a cold UK Monday evening after work, combine this with the gorgeous glow of the Tube amps and VU meters as well as the twinkling white lights of this years Christmas tree and Fireplace garland, Boz Scaggs Dig Album seemed to take on another level of engagement, I almost felt he was going to comment on the Christmas tree or the lovely fire blazing away, he was that present in the room.
So I guess I am saying both live and recorded have their merits and delights but one should always endeavour to find the time and enjoy both if you can.