I assume you mean a live record rather than seeing a live show. I choose studio. There are only a few bands who are as quality live as they are in the studio.
[spoiler]I.e. Pinback[/spoiler]
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That's open to interpretation. I really mean either a live recording or a live show, as compared to the studio version. You pick.
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Then a live show unless the band is one of those talentless mtv bands that the producer makes sound good.