In reply to madmallard: The magic of mastering should not be underestimated. It is absolutely AMAZING what a great mastering engineer can do to make even mediocre recordings sound amazing. But the better the original tracks and mixing, the easier and better the mastering turns out. And ideally I'd love to say that a great mastering can preserve the best of the recording, but certain compromises are simply unavoidable in production for distribution. Certainly modern technology certainly has had an effect...hell, seems like almost every device comes with some sort of built-in EQ presets wizardry now. But when a CD has to sound "pretty good" through everything from ipod earbuds to base model Kia Optima speakers to consumer stereo gear, there's no avoiding compromise somewhere in there. There is a reason that horrid sounding Yamaha NS10Ms and Auratones (aka horrortones!) were (are?) an industry standard for mixing studios, and it wasn't because of the evenness of their frequency response or clarity ('cause they ain't got none). In the end, ya just gotta know how the tracks are gonna sound coming out of complete trash systems as much as the good stuff.
Besides, I'm sure we'd all agree that how it sounds is more than just how "accurate" or "detailed" it might be... if it's got that magic quality, whatever it is, we'll quickly forgive inaccuracy and lack of detail, we'll forgive distortion, noise floor, and clipping, and we'll even forgive how crappy the system that it's coming out of is. And that's what really matters.