Is there anything better than live recordings?

The songs are usually performed differently and sometimes with more energy. If they are well recorded, produced, mastered, pressed, etc., you are missing out if you don’t have some in your library. Al Jarrwau Look to the Rainbow, George Benson Weekend in LA, Frampton Comes Alive, Simon and Garfunkel in Central Park, Steely Dan Northeast Corridor, Wes Montgomery Full House, Billy Joel Songs in the Attic, The Who Live at Leeds, Neil Young Rust Never Sleeps (2nd side is live), Al Stewart Indian Summer ( last side or two is live) are all very enjoyable and unique.

Let’s not forget

Cream - Wheels of Fire

Studio and Live

Drums, drums, drums.

With my very large music collection, I have no preference studio or live.  First is the performance.  Some performers are great live and terrible in studios.  (Mark Hambourg-pianist with 300 mediocre 78s versus great live performer).  Alternatively, live versus studio recordings vary immensely in quality of sound.  E.g. Ramsey Lewis in Chicago, fantastic live recorded sound while most of his Argo studio recordings also excellent sound.  I much prefer studio rock recordings to most live ones.  I don't discriminate on sound alone but a bad sounding recording in either is not appreciated.  (I just acquired an additional 3000 LPs and 4700 CDs-yikes!)

I much prefer studio rock recordings to most live ones.

Much depends on engineer, group, as many times they set up microphones and sound only relying on soundcheck without putting into account, the audience, microphones moving from original positions, the lighting, and many more.