silvercn
So that being said - what really are the key parameters and quality features of a reference track that can be examined and used successfully to improve a project.. 

Anything you like that is in the genre that your project falls into.
 
Steely Dan is NOT best for a Death Metal project.

jerrypettit - thanks the tip on the SampleMagic AB plugin.  Looks worthy!

I bounce my entire mix to tracks and put basic limiting plugs on it and that is what I finally export to a wav file. I route this track and any reference tracks to a separate bus from the master and this bus goes to what I call the Main out which is the interface outs. I use reference tracks mainly for a guide to the bass frequencies in my mix to make sure I'm not too boomy or too thin (usually to boomy), as well the overall brightness and tightness I hear in them. I don't worry about what the spectrum looks like as compared to commercial releases except as a general guideline and not for any specific frequency changes.

Even though I do create some A/B comparisons with reference tracks, I find that the mix of the individual tracks plays more into the overall spectrum of the master than does eq'ing the master tracks on their own.....
 
Are the bass frequencies more or less powerful in comparison?  Do you boost the low end on the master or make the bass guitar and kick drum louder in the reference mix?  You get the idea.
 
My advice:
 
Mix until you feel your track sounds good and use the reference track to determine (with your ears) if your and the reference tracks sound similar..... can you use ANALYST to help you determine the overall freq differences, of course, but do you want to EQ the master track to match those frequencies?
 
Jim
 

silvercn
So that being said - what really are the key parameters and quality features of a reference track that can be examined and used successfully to improve a project.. 

Dynamic range, crest factor, average RMS and level distribution, spectral curve, correlation.
 
The best method, though, isn't technical at all. Just spend time listening to your favorite records through your studio monitors. Over time, you will imprint on your subconscious what a good recording is supposed to sound like in your room on your speakers.
 
It will even compensate for anomalies in your room's acoustics. If you have a nasty resonance or comb filtering or ringing, your brain will naturally try to filter all that out just like it would the hum of an air conditioner or traffic noise or the sound of blood pumping through your ears. Try it. It really works.

bitflipper- your concise and supportive post is just what the doctor ordered. You have a good way of uncomplicating things and making it real for the lowly home-studio operator.
 
Thanks !  
 
 

The Magic AB from Sample Magic does just what I was hoping for. It's well worth the few dollars they charge for it. Check out the link on it above to see more about it.

The Magic AB plug-in is very well-reviewed in the current SOUND ON SOUND magazine:  http://www.soundonsound.com/sos/oct13/articles/magic-ab.htm
 

jerrypettit - I want to thank you again for pointing this one out.  In the spirit of new things with Sonar X3, and since I knew I'd have to update the way I have things set up I went for the Magic AB plug as well. 
 
I'm super enthused about Sonar X3 and what it has in it.
 
The Magic AB plug is a separate purchase I made, but has put an extra exclamation point on my new set up.  This is just what the doctored ordered to monitor your mix in progress and conveniently listen in on any choice of reference material.  It's great!

jerrypettit
I bought and am finding this worthwhile:  http://www.samplemagic.com/details/184/magic-ab

Thanks - I forgot I have this too.