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Without doubt I've come to the same conclusion. There are aspects of the HiFi game that don't make any sense at all. Listen to an album like Harry Belafonte at Carnegie Hall and you have to wonder what we've forgotten about recording techniques in the past 60 years.
Have you listened to anything on the International Anthem label? Stuff on that label sounds uniformly well recorded and mastered, puts a lot of 'audiophile' vinyl releases to shame.
I'm convinced that the original recording and any digital remastering has more impact on the perceived sound rather than the bit rate.