... a live performance or sitting in the recording studio...
Its one or the other because they sound NOTHING like each other.
Actually I think live performances are exciting but usually sound like a BestBuy Ultra-Mega bass booming system from Kenwood. Not audiophile at all.
Studio? Usually sounds clinical, stark and dry and rarely do bands record ‘live’ in studio so you are never actually hearing the artist in the studio at all, just bits a pieces of what may or may not be used in the final mix.
In your living room? Well that’s just silly.
Musicality? It’s a judgment or ones personal taste, what is or isn’t. I define musicality as something not ultra revealing of all that is on the source. Many studio monitors and headphones are ultra revealing for good reason and musicality isn’t one of them. The engineer NEEDS to hear every noise, mistake both good and bad while mixing which is not so enjoyable to the ear in my living room. Good audiophile (IMO) is colored or spiced in just the right places to add richness or warmth to the mix, pronounced midrange for vocal imaging and a slightly rolled off top end for a less fatiguing listening session without being veiled, slurred or muddy in any way and I believe that is the thing that separates the good from the great.
Seriously, I think its easy(er) enough to make a VERY revealing component just as it’s easy(er) to make a fat/lush sounding component (Just stuff a few tubes in it, right?!). Try to compromise in the right places – that’s the hard part and that’s what makes a GREAT component!