Dekay, that would be Bryan Ferry. Roxy Music is touring as we speak, BTW. As for live recordings, they vary much like studio recordings do. For the most part, there tends to be more energy conveyed and even the mistakes the musicians make add to the experience. Personally, I prefer live over studio, and having electrostatics that reveal everything, I've learned to ignore the applause (it's usually only prevalent in the opening and closing of the songs anyway).
Applause: Bummer
Now that I have a rig I can call a "system", I often find myself looking up from a book or the computer or whatever to pay attention to a particularly involving musical passage. Finally, it ends and I think, 'wow, that was just right', or 'jeepers, Vladimir or Dizzy or _______ was right here a moment ago'. But if it's a live recording, the applause always brings me down. Never, not once have I heard applause on any audio rig that sounded like hands clapping. Baez "From Every Stage", Dizzy "An Electrifying Evening" and "Newport II", "Jazz at the Pawnshop", Horowitz at the Met", Clapton "Unplugged", nada. Am I opening the gates to hell pursuing realistic applause? Is it out there at $50,000 per? Should I care? Have I ruined anyone's day?