Best Recording of Scheherazade

Megasam's list is excellent - While I can't add anything meaningful to the list, I would highly encourage you to own Beecham's. It is a thing of beauty. Reiner & Kondrashin are equally excellent and, interpretively speaking fall between Beechams and Gergiev's account which are quite dissimilar.

Second the Reference Recording

Try the Rostropovich conducting Paris Orchestra. EMI
picture:http://patachonf.free.fr/musique/rimski-korsakov/scheherazade.php?p=r
A Japanese music magazine rated it the highest in CD format. I can see why.
The recording engineer was Paul Vavasseur, caught every changing color and expressions from the orthestra. By the way, the also phenomenal Beecham - Symphonie Fantastique was recorded by him.

....with Serebrier. I like the pace better than others and the sound is killer!

By far my favorite is the circa 1979 DG recording by Boston Symphony Orchestra conducted by Seiji Ozawa. They get the timing right and dynamically make the music swing in just the right places when it needs to. Plus there is no better, longer, more impactive horn climax (the shipwreck)of any recording. Also, Silverstein's violin is patient. The Orchestra never rushes the tempo nor is it too drawn out and languid. Just right. I also saw the performance from the second row center in Symphony Hall that season and got completely caught up in the music, even though it was Friday afternoon and all the ladies groups were there to see and be seen.