I think that convolution reverb is as close as we currently get. And the MIR concept takes it to about as far as I think anyone has to this point. With convolution you're basically filtering the sound of the instrument with the resonance of the space that's being modeled by the impulse response of that space. If you hit it harder with a louder sound, that sound will trigger a more resonant response. When convolution reverberation came along a number of years back it was based on a single impulse response sounded from one position in the space and recorded with a single microphone. While getting closer to the sound of a 'real' acoustic environment it lacked the richness of sound as it occurs in a real space. Depending on where the sound is made in that space, and where the listener is positioned in that same space, the mix of the direct sound of the source and the resulting reverberation are differenct. That's one reason the why cheap seats in a concert hall are cheap! It's not just a function of how far from the stage you sit. The acoustics of the hall are different from every conceivable position.
So MIR, given that it's working with thousands of unique positions in the spaces it models is a lot closer to the real situation of 'being there'. You get to actually place an instrument in a specific position in the modeled space and the right cues are generated for our ears to 'place' the sound there. In a stereo context alone this is a huge advantage to using artificial reverbs that basically do what you're describing... wrapping the sound of an instrument with a generic resonance that doesn't change in response to your left-right panning. With multi-impluse convolution reverberation, such as MIR, you not only get much more accurate left-right definition to the acoustic representation of the space, but also depth cues based on how far away the source sound is from the microphone. You can fake some of this with a non-convolving reverberation by using eq to mute the high frequencies of more distant sound sources but, to my ears, that doesn't come close to the rich results of the multi-impulse approach.