Hi Crusoe,
We used reference tracks when we first started working with virtual instruments. It was definitely a helpful learning tool, and taught us how to calibrate our hearing. That said, the idea of "reverse engineering" existing tracks in an attempt to make my music have a similar sound profile (whether it be eq'ing, reverb, etc.) doesn't appeal to me today, because I enjoy the collaborative process that my wife, Becky, and me share together, as we discuss what we're hearing and make arguments for and against certain decisions. At the end of the day, what appeals to our ears today, may sound totally different next month, year, or decade.
Here's a funny (somewhat related) tidbit: When we recorded our first self-titled album, Acclarion, it was a studio production with a "team", that cost way too many thousands of dollars to produce. On our second album, "what if...?", we did a home-made recording, and mixed the album ourselves, before bringing it to a mastering studio in Toronto. The mastering engineer auditioned the second album, "ab-ing it" alongside our first, and a recording of a famous mixed quartet, whose EQ we wanted to emulate. After listening to everything, he commented that the only thing better on our first album and the mixed quartet's album (which cost $50,000 to produce) was the quality of the reverb. We instantly regretted spending so much on our first album, and got a chuckle out of how two people that knew nothing about recording, could create a home recording for the cost of a few (cheap) mics, and no room treatment at all that rivalled our expensive studio album with a seasoned team of engineers.
The moral of the story: trust your ears to shape the sound you want; have patience, experiment, but also don't try to avoid common sense (as in re-inventing mic placements, or complicating a reverb/effects send chain with too many things). As musicians, we're totally aware that we lack the expertise of engineers, but I also think, sometimes, especially with classical musicians, they're more aware/sensitive to what specifically their sound should be and can achieve it easier on their own than with engineers tweaking a million things (especially if those engineers aren't familiar with the style/instrumentation, etc)
Dave