Is there anything better than live recordings?

I have to question anyone who thinks a live concert trumps a studio recording with regards to audio quality. It makes me think they haven't seen as many disappointing/meh live shows as a reference or are very selective about who they see in concert & want to listen to in a live recording. But I wouldn't go so far as to say live recordings trump studio recordings.

Ever listened to a Deadhead's bootleg cassette recording of a particular show? Terrible in every way. But that's my opinion. 

Most of my complaints about some live recordings tend to be poor quality micing for the vocals (they tend to go in and out as the artist moves on stage) and unequal mixing. Now there are some bands that record directly from the live mix and those can be fantastic as it's as much about the energy of the live show and variations to how the band plays certain songs. I've heard some great recordings in the last few decades but those tend to be video concert recordings.  

Conversely, Zepplin's concert film 'The Song Remains the Same' is great at capturing the live show and makes it, to my ears, a better experience.

For example, the live version of Wilco's 'California Stars' I heard in concert far surpassed the Mermaid Ave Lp version but that was because they stretched that into an epic encore version for a packed house in a historic theatre.

Conversely, I saw Black Rebel Motorcycle Club at the same theatre and it was one of the worst soundboard-mixed shows and loudest concerts I've seen. The distortion and mix were way beyond BRMC's intentions to the point that it made for unpleasant listening. 

I've also found that the venue plays a big part in how good a live recording can be. The Merriweather Post Pavilion in MD is a terrible place to see a live show - regardless of where you sit, it's just bad. Best outdoor venue? Red Rocks Amphitheater hands down. Club shows? That's hit or miss and very dependent on the in-house set-up.

All that said, I enjoy certain live recordings by my favorite artists but I'm very selective about which ones for the all the reasons I listed above. I have found that I really enjoy watching concerts via youtube when it's a professional production. Because then I get great audio and the energy of the live show. Which is why I go to concerts in the first place. 

@jjbeason14 The last time I saw U2 live was the Joshua Tree tour. After that, the venues were too big and getting great tickets became a struggle. One of my favorite live albums Under a Blood Red Sky. When they played at Red Rocks for the War tour I couldn't get my dad to take me to see them and he wouldn't let me go by myself at age 11. Instead he took me to go see Chuck Berry at the Rainbow music hall. 

@larsman What does and doesn't surprise me is that there's a market for rare bootlegs now from a collector's standpoint but certainly not from an audiophile standpoint. You're right that many/most were dreadful audience recordings. I recall reading about some guy in California in the 70s that would go to shows by Zep, Tull, etc, and roll up in a wheelchair with a tape recorder hidden underneath. He apparently made some good recordings and then gave bootleg copies out for free. 

@larsman Oh I realize the OP wasn't talking about bootleg recordings BUT for a period of time in the 70s through the 80s there were vinyl bootleg pressings of live shows that, for all appearances, looked like legitimate label pressings. I had several that I acquired at record swap meets I used to go to with my dad in the 80s.  I do think live recordings can be very good and as I said, it's very dependent upon the band, their sound engineer, and the venue. But if someone makes the claim that live recordings are the best...it comes with several qualifications. As we all know, even studio recordings can be crappy sometimes!