Taking a code base and expanding the macros to see whether that is more or less readable is a bit like expanding a C++ class hierarchy into assembly language and concluding that this program’s object oriented design is great because it is more readable than the resulting assembly language.
The real question is whether or not there are better alternatives than macros or metaprogramming in the first place. Functions, especially as found in modern languages[1], have proven to be very useful abstraction mechanisms and can often mitigate the lack of fancy macros.
I don’t want macros banned from Lisp, but I don’t miss them in other programming languages. Over exuberant use of fancy macros in Knuth’s brilliant TeX, in my opinion, contributes to the glacial pace of LaTeX development.
[1] By this I mean functions with circumscribed access to non local variables, provisions for choices of ownership of parameters, static scoping, first class functions, closures, and recursion.