What is the quality of hi-fi?

What is the true essence of hi-fi quality, and how does it impact the listening experience? Is it purely about the technical specifications like frequency response and signal-to-noise ratio, or does it encompass other factors like soundstage, imaging, and overall musicality? As an audiophile, what are the key elements that you seek in a high-fidelity audio system, and how do they contribute to an immersive and enjoyable listening session?