srfc
Ancient Mariner
Most music that is enjoyed around here was created for the musicians' own pleasure. Those musicians were fortunate to find an audience that also appreciated that sort of thing, but the listener's preferences are usually the last thing that is considered. Some exceptions, such as classical music that was patronized by a church/monarchy or a lot of top 40 material, but just about everything in this game so far has been "masturbatory" in the way you describe. With that in mind, I fail to see how the term is descriptive.
What is more self indulgent and masturbatory than Iron Maiden playing A Matter of Life and Death in its entirety live when people came to hear Run to the Hills?
Like I said in my original post "Whether it's fair to use that term when describing certain artist/albums might be a different matter". The point I was making is that if someone uses the term "wank" or a variation thereof, we understand exactly what that person is taking issue with. If someone described Maiden playing the enterity of AMOLAD as "wankery" for the reasons you mentioned, I wouldn't agree with them, but I'd certainly understand the point they were trying to make.