...to recreate a live event is with binaural recordings and playback through 'phones...maybe a sub to provide that portion of bass we feel more than hear.

Instrument attack, overall dynamics and spatial cues that we experience in a live venue is not translated to the extent required for the ear/brain connection to accept them as live via any recorded medium for a host of reasons. Of course, beyond the shortcomings of the software, there are other factors at work.

jimHJJ(...no matter how expensive your rig, it just ain't gonna' happen...)