One thing I don't see addressed is the experience of feeling frequencies that can't directly be heard. There was a study done with a particular piece of classical music, with and without a particular inaudible component to it. The presence of the inaudible component drastically changed the listeners perception of the music. They described it as more dark or creepy (perhaps not the actual words used, but it matches the sentiment). The point is that there may be value in reproducing frequencies that we can't "hear", as inaudible notes can alter the experience of the music.

*not the study I was referring to but its along the same lines: http://ieeexplore.ieee.org/xpl/freeabs_all.jsp?arnumber=5291...