Another issue with the live performance is that people are social creatures and they play off of one another. At a live event the excitement of the other listeners, how the performers physically and emotionally present themselves, the extra noise of the crowd, the ambiance of the location, these all play together in impacting how you perceive the music. Even though the sound created may be perfect, you can never immitate the other things that make a live performance better than what you will hear at home.
In other words, can you duplicate the music? Yes. Can you duplicate the experience? No.
They sure do impact the experience, but those aspects of live performance are why I don't go to concerts anymore. As for it being "better" that what I hear at home, that really depends on the genre as well as the quality of the stereo system.
With the exception of orchestras and concert halls (unamplified), I generally enjoy music through my own stereo as opposed to listening to someone else's PA system.