No, you may not be missing lots, it depends on the manufacturer, component, design goals etc. I for one wouldn't take a soldering iron to Naim kit, nor change the crossovers in the B&W Nautilus range. It's also extremely hard to buy gear on what it may sound like as opposed to what it actually does at the moment.
Yes, of course you can upgrade components, but you can also spend more on the gear to begin with. It is, as Igglebert says, a leap of faith.
Also, Formula one hasn't given much to automotive technology at all recently, as in the last thirty years or more. That's just a myth to justify its existence as a "sport," rather than the fast moving traffic it really is. The peripherique at rush hour is far more exciting to watch, and has the benefit that you, too, can participate. I'd put in a smiley meaning tongue in cheek here, but don't know which one it is.