I guess if you have enough money and space you can recreate the theater effect.
I don’t know if an “at home anything” will ultimately recreate a live theater space but the innovations are such that the questions arise over whether or not that matters if the space you create is comfortable and free of distractions. Nothing will replace being at a live orchestra concert for example including the roar of the crowd at the end of a live performance...it is true that there is a “being with people” aspect that the best home music systems can never match.
Movies and cinema at home brooks a different question..at least in the sound reproduction department. Spartacus(the original Kirk Douglas) Looks different on the curved dimension 150 technirama type screens the film was produced for and I had the priviledge to see it in its restored glory on such a screen. The screens curvature gave one a sense of being in the center...no matter where one sat. Some of the widest Samsung TV at home curved screens could do that but that was mostly gimmicky.
The movie sound is another issue and the sound reproduction on home systems can be profound due to the ability to be tweaked for the home. In movie theaters you have to take what the projectionists gives you and sometimes the sound can be overly loud in dynamics when it doesn’t have to be. For me that is the number one reason I have prefered home systems and watching most movies at home.
I do like the James Cameron, Real 3d, and IMAX 3d processes for large public theater screens how ever...no more image collapses or head-aches.(even works well over my variable lenses i have for astigmatism) The 720 degree digital circular polarization processes have really take some three d movies to a new level and that is one thing you can’t see on a home system.(the 3 d tv thing is a joke).