Almost everyone I've ever met who claims to be a hifi/audiophile is obsessed with brand names and sky high prices, yet don't actually listen much to music - they listen to the equipment and their own boasting voices.
There's a comprehensive listing of links to various listening tests that debunk various claims and assertions about differences in performance - http://www.head-fi.org/t/486598/testing-audiophile-claims-and-myths
For me, there's an art in figuring out how to get engaging enriching musical experience in the home at minimal cost - call it 'frugal hi fi music', if you like.
For example, my latest speaker project cost NZ$230 all up for unused Plessey full range drivers I mounted into native pine open baffles. They sound very musical and the way they reproduce music is much more enjoyable than my KEF iQ7s that cost me $1900 several years ago.