One thing to note about S/N ratios - its not always a very good indication of the quality of the equipment. It should be simple, but there is equipment (like Rane for example) that rates their S/N ratio with headroom on the signal and others who cheat how they achieve the number quoted. This discrepancy is so bad a piece with a 'lowly' 85db S/N ratio from a good source could be super quiet and a 107db 'awesome' piece has audible noise.
I have to comment here (having designed audio gear) that what appears to be 'cheating' is probably not in the simplistic sense of giving wrong numbers. Noise isn't the only way to degrade an audio signal. Manufacturers may fudge a little on various specs, but the S/N ratio isn't usually one of them, at least by much. (there may be some variation from unit to unit).
The usual differences you refer to in performance of audio gear has to do with other types of sound degradation. Distortion of the signal for instance isn't just an introduction of noise: One type of distortion is:
Harmonic Distortion. This type adds harmonics to the original signal (by distorting the wave shape) and amplifiers can have very low S/N ratios but high harmonic distortion, such as in a guitar amplifier. This distortion is often pleasing because the extra harmonics are musically related to the orignal signal, something like adding a choir to your soloist.
Intermodulation Distortion is another type, in this case usually very bad, because it muddies up the upper midrange and makes it difficult to hear the delicate tones of various instruments. As a result, stereo image is lost, and all the sounds are mixed together, and the vocals are hard to make out.
Flatness of Frequency Response This distortion is also common, and can be controlled by the user through tone controls. The frequency response is fixed to absolute frequencies, so that different songs (in different keys or vocal ranges) will sound different. Most systems suffer from this: critical bass is missing in the range from say 15 Hz to 30 Hz, large rooms have a low mid or bass 'ring' to them, and speaker systems with a crossovers (say around 1KHz-3KHz) drop out and distort parts of the musical scale where the tweeters and woofers overlap.
A music system is like a chain, only as strong as the weakest link, and often when the worst offending component is removed, another error, previously hidden becomes glaring and annoying.
This is why Signal to Noise Ratio is not the only or most important measurement of the quality of a system, and can be misleading if relied upon as a basis of selection.
You usually want high S/N ratio in a microphone, sensible harmonic distortion in a preamp, low intermodulation distortion in a power amp, and flat frequency response in a speaker system as a general guide.