I don't know that it's a matter of lesser equipment, but perhaps equipment, and ears, need to be attuned to different criteria. For the past several years, I've enjoyed Jeff Day's "music lovers" reviews at 6 Moons, and in them he is rather disparaging of the commonly accepted audiophile emphasis on "sonic artifacts" like soundstaging, transparency, imaging and extreme detail recovery. This list mirrors the emphasis I see so often when equipment is compared or reviewed, whether in forums or in audiophile-oriented magazines. Day concluded that an emphasis on those criteria can make less than stellar recordings an unsatisfying experience and actually detracts from the system's ability to deliver the musical message. He wrote, "The focus on exaggerating the non-musical artifacts of the recording process over the years has resulted in a lot of very expensive equipment that can sound spectacular and exciting during short-term auditions but ironically doesn't play music very well. . . Music lovers want to hear the musical message get through regardless of how well that music was recorded because there's lots of great music not recorded that well." The gear he reviews and recommends also tends to be high end, but what he's looking for is ". . . a natural presentation of the beat, rhythm, melody and mood."
http://www.6moons.com/audioreviews/shindo3/shindo.html
Reviewer Art Dudley made a similar distinction a few years ago, writing, "As a person who writes about musical reproduction and how audio equipment performs that task, it’s really a question of forgetting all this [expletive deleted] about imaging and coloration. Setting all those things aside, at least for a while, and just relaxing and listening the way a child would listen: Is this thing playing the tune properly? Is it getting the beat? Is it really fun to listen to? Is it conveying the emotion that’s on the disc or in the groove? That’s the thing for me. . . Notes and beats, that’s what I consider important to getting the music right. Everything else is just sound.”
http://www.soundsgoodtome.us/2011/01/06/noted-audio-critics-fess-up/
I believe that the better the equipment, the more you can get from your records, and that it's possible to choose great equipment to build systems that emphasize musical rather than purely sonic criteria, systems that will maximize the pleasure to be found even in music that is poorly recorded. But I also believe that it doesn't require high end equipment to enjoy music, and I've listened for hours at a time, totally engaged and enthralled, using a humble Rega RP3 with M97xE cartridge at one end of the audio chain and some Bose 301's at the other, the notes and beats still coming through in a compelling way.