I'll often prefer a recording to a "live" performance of rock music; most of the clubs and arenas I've been to sound atrocious. If you have a crappy PA system, cranked far too loud in an environment with awful acoustics, the result isn't pretty. With amplified rock in a great venue it gets a bit closer, to be sure. Since your home speakers are reproducing the guitarist's
speaker, not his guitar per se, it's hard to imagine how the home speaker will do it any better. But the home speaker can certainly do a better job with the singer's vocals. That is to say the guitar/amp combo is creating the sound whereas the PA is
reproducing the singer's vocals.
With live music in a good venue I don't think any home audio system is gonna touch that. Maybe not ever. As computing power increases we'll be able to model everything better, from the way sound is created and propagates to the way it's reproduced. And we'll probably have a much better understanding of the psychoacoustic factors at woark, too. To me the Holy Grail of an orchestra at full tilt will likely remain elusive for quite some time. Small scale stuff is easier, IMO. A person could be sitting between your speakers, playing an acoustic guitar. But it's trickier perhaps to imagine a full symphony orchestra in your listening space.

I guess that's why we listen in the dark, so we imagine we're there, not the other way around.