What I’ve gleaned from concert recordings is that vocals and sound quality can suffer, but the instrumentals can really stretch out, i.e., guitar solos and the like. Generally, a great song stays a great song in either form.
Some and some.. a live recording of a concert or show you attended is very special.. I am thinking War of the Worlds here.. In many cases there are nuances and little twists and tweaks of individuality about live performance recordings.. Original, as in studio mastered, remixed and rehashed can be too perfect sometimes, tho, of course I appreciate that too sometimes
Depends on the song and the artist who performs it. Some bands and artists flat out suck live. Orhers are decent to awesome live. I’ve also found recordings of live performances never capture the raw sound of life music and don’t duplicate the sound you hear in person at a live show. Overall I prefer rhe studio version.