Interesting.
I wonder if it's possible that upper harmonics beyond the 20khz level, interact with sympathetic lower freqencies and somehow affect the way we hear them?
If so, cutting off at 20khz, even if we can't specifically hear these frequencies on their own, may still be detrimental to realisitic sound reproduction. After all, if these frequencies are indeed there in real life, there's a possibility they do somehow affect what we ultimately hear.
Then again, there are light spectrums we can't see and all sorts of radiation/microwaves flowing through us that we can't perceive. Do these make a difference in our sensory perception somehow as well? Beats me.