I consider myself an "audiophile" and have spent way too much money on nice equipment. That being said, once I started hanging out with people that call themselves audiophiles and have way more money that I do, I realized that most of these people can't even tell the difference in the sound quality and, frankly, there is no loss. One of the meetups I went to even had a contest for anyone that could tell which DAC was being used and another for anyone that could tell a FLAC apart from a 320kbps MP3. No one won the prize money. "Audiophiles" are, for the most part, full of shit, in my opinion and just need to justify spending ridiculous amounts of money on great looking
audio equipment.
Mind you, I'm also probably full of shit because everyone tells me that I can get exactly the same computer for half the cost of what I paid for my MacBook Pro and I'm yet to find anything that comes close. At least with the Apple stuff, there are objective things I can point to that justify the more expensive costs. With audio equipment, there's a slow curve up and then it just drops off once you get past a certain point.