I think audiophiles have a deeper appreciation for the sound quality of the music. I know audiophiles who refuse to listen to anything that has a poor recording, or poor production, even though the music itself can be pretty good. I'm not a hardcore audiophile, but I do appreciate good sound quality as well.
So what about lo-fi music recordings on hi-fi equipment?
This exactly. We appreciate the music as much as anybody does, but the quality is vastly important to us.