The question is an interesting one. On one hand, great music has been created in "holes in the wall" (think early Detroit Motown or Sam Phillip's studio in Memphis), by tortured souls with all kinds of problems
(think Bill Evans, Theloneus Monk and many of the "giants" of jazz or people like Kurt Colbain).
I've known great live players who freeze up in the studio, and average live players who really shine in the studio environment.
Engineers, and the relationship between them and musicians, writers and producers is critical. There is a "big bucks" studio here in Lexington that has all the "frosting"
elements...great lounge...top equipment, great decore....the sound SUCKS! For traditional recording with rythem sections,
acoustics RULE!
The kind of music and your expectations is important. In my case, I only do music for fims I produce...industrial films. Most people would think that's boring, but I believe that concentration on ALL aspects of the film with an emphasis on the music track
gives us a competitive advantage. Also, these types of sound score projects generally bill out at $750-$1000 a finished minute, permitting the use of the best facilities, musicians, etc. You'd probably hate it, but I enjoy this special type of recording. Most people I know can't understand why this is satisfying, since the final product is generally mixed down with a prominant voice-over. That's kind of like playing in a supper club, where the music has to be played at a volume which makes conversation possible, and few people seem to notice (I do that too, and enjoy it...I play three for "them" and one for me).
Making great music is kind of like peeing in a dark pair of pants....you can't always see anything happen....you just get this nice warm feeling.
Music is such an individual thing....when it's right it's magic, and sometimes cannot be quantified. Since you're creating your own studio, the only thing that matters is where your head is at and what works for you.Talent, equipment choices (I sometimes use tape...2" tape, believe it or not)...there are an infinite number of variables. It's a lifetime journey with an undetermined destination.After nealy 50 years in the recording business, I'm as excited about next week's project (a 20 minute film score for a fortune 500 company) as I was on the first one ( a $15.00 backing track for a young singer).
And that is part of the magic!
Good luck!
Russ