“Is PRaT real, or just an artifact of something else?”

As for me, well I'm not really sure. This forum thread HERE is making some interesting points and for the time being, I'll keep revisiting.

Best post so far is "My view is you don't want your hifi injecting false 'excitement' into your music, any more than you want your hifi sucking all the excitement out of the music. Not all music is toe-tapping. "