I'm SO happy to see other Band lovers here on Audiogon! They are very special, as you all know. Music From Big Pink was so titled because that house (and it's famous basement) is where the guys got together to work on the music that ended up being on the album. The album was actually recorded in NYC and at Capitol's studio in Hollywood (located in the, ironically, basement of the round Capitol building on Vine Street). I passed by it frequently (Professional Drum Shop is also on Vine) when I lived in L.A., and always pictured them playing in the basement of that building in early '68.
The new Band MFSL SACD's are good, as are the new LP's. I think the original MFBP had a rainbow Capitol label, but it's the next pressing (mastered by Ludwig---why didn't he do the original rainbow label version?), the green label Capitol, that Fremer recommends. I'm looking for a Mint (only) copy, if anyone has one to sell.
The master tapes for the second ("brown") album have been missing for years, so I don't know what source MFSL used for the new LP and SACD. Steve Hoffman's version on DCC claimed to use the original masters, which is not true. Shame on somebody. The sound of the album is very in-the-room "small"---there is no electronic studio reverb and echo added to the mic feeds to the recorder. The multi-track was right in the room (yes, the pool cabana of Sammy's house, which they rented for the duration of the album's recording) with The Band, operated by the album's producer John Simon. A great, great album. Both it and MFBP in my Top 10 albums of all time.
There is another "small" sounding album The Band are on, and it too is musically great---Planet Waves, they backing Bob Dylan. MFSL has had the album on it's list of upcoming SACD releases for about a year, so I asked the MFSL guy at their table at the recent T.H.E. Show in Irvine the reason for the long delay. They just hadn't gotten to it yet was the answer. There is an out of print Sony SACD of the album that I found at Amoeba (just around the corner from the Capitol building!) recently. I bought in case MFSL ends up cancelling their new version. Ya never know!