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I haven't bothered to read all the post due to my lethargic state of being at this time of the day, but I always say it depends on the band/artist. If you can perform well consistantly live, then odds are you can lay down some tracks in the studio, I'm not sure if that works the other way around. I mean, you can always do another take or on overdub or what have you in the studio, you have countless things at your disposal, the same isn't true for live music.
So which one is better? Who knows like I say it depends a great deal on the band playing. I will say that jazz and/or most improvised music sounds better live.
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