You've lost me there, "objectively" what is stereo lacking? I'm not sure what you are referring too?
That's a subjective opinion made without a reference to "perfect"
So, no where in nature do you hear two pinpoint sources of sound for starters. I know, its just an illusion and all that, but stereo is pretty fake at it. It is of course a recording that we listen to over two speakers, no one except folks on WBF claim that stereo sounds like being there. Since it is a recording, and designed as best it can to help with our illusion of a venue being brought to our room, even if it were technically perfect, it would still be only conveying perhaps 5 or 10% of what your ears would hear at the event (the mics do not act like ears nor do they sample much of the wavefront passing by). All of this is just me saying that "embellishing the recording is not a bad thing in my book" and I can still be an objectivist about a pretty lossy replication system, and still enjoy an altered to taste rendition of the recording, much the same way different mixes or interpretations of the same song can be preferred over others by us when we get to compare them side by side, as after all, it is just an illusion, which do we prefer?
I guess I am just saying that card carrying objectivists can like non perfect playback of a lossy reproduction system.
Measurements verify fidelity to source (Hi-Fidelity), not preference. Musicality is meeting your own preference expectations. 2 channel stereo can't do reality, just an illusion.