You really have to define the term audiophile to get anywhere with this topic, and that's still not going to take you very far!
I see two distinct definitions:
- The desire for excellent sound quality. It just needs to sound great. Big, small, expensive, vintage, new, transparent/not, occupying its own room or in the main living room - doesn't matter, it just has to sound excellent.
- As above (mostly) but with an emphasis on peripheral aspects of sound reproduction and engineering, following particular left-field ideologies/trends, and the elevation of certain industry personalities to guru status. These latter factors drive the shape of the system and choices.
To most people I'd say the latter defines the audiophile best, certainly within the past 30 or so years.
To me it's the focus on the minutia that's the real concern and defines the modern audiophile. Often it's a state of mind with no real rational basis. Perhaps the most recent example of this has been the whole MDAC 'thing'.
Perfectly decent bit of kit elevated to cult status because it was was produced by a talented engineer of some note, introducing a raft of tweaks which make either inaudible or incredibly difficult to detect differences. The only way such things can thrive is to mix a little fact with a large amount of religion, and this to me defines the modern audiophile condition.
Some have touched on the cost aspect of hi-fi but care is needed here.
Industries and markets follow life cycles linked to technological development and economics.
Hi-fi as we know it - discrete high performance component parts - has long passed into the decline phase. Investment is but a fraction of that seen in the golden era. Therefore don't expect superlative build for beer money, or any large technological strides. Those days are gone, even with Chinese slave assembly because the investment has largely evaporated. In performance terms however, quality electronics is cheap thanks to the prevalence of mature technology which is great news for the average punter but bad news for premium audiophile brands.
That's capitalism folks, it's lore until you change it (or capitalism itself hits terminal decline since it too has a life cycle), so suck it up
A few years ago now i pretty much left this stuff behind.
There was a golden era of hi-fi were thanks to massive sector investment over three decades, we have a mountain of high quality, premium build equipment just waiting to be refreshed and enjoyed. That's now my playground. You can keep your expensive, audiophile, technologically regurgitated toys, and you can certainly stuff your religion!