I have not heard the MF LP but assure you the "standard" version sounds wonderful. AND...the music is great which is even more important.
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If it is done anywhere near as well as the Terrapin Station MoFi, you're in for a treat. IMO all Dead albums, especially studio, are very well recorded, mastered and mixed. The TS MoFi is also very quiet and detailed. For many reasons the music on MH was a turning point in the bands career. Their previous album was a moderate success so the guys were in a mood to take some chances on this effort and push the envelope a bit. I'l never forget the circumstances that evloved the day this album hit the street. But that is a topic for another forum.
I have the MFSL verstion, and it is a good recording, and a good pressing. Unfortunately, I never owned the standard (non-MFSL) version to compare it against.
(In case you're wondering why I haven't heard the standard version to compare it against, it is because I was introduced to this album when I bought (cheaply, I might add), the old (silver, not gold) MFSL CD version. I liked it enough to search out the vinyl version, which is somewhat better than the CD.)
My advice is to find a near mint copy of the standard version cheap, and just buy it, (unless you have it already of course). Then, if you really love this album, (and it is a good album), then watch Ebay for a near mint copy to pop up and pick it up then. (I seem to recall that is exactly how I bought my copy, and I don't remember it being too expensive. I probably paid less than $30 for it.)
PS The American Beauty album is pretty good on MFSL vinyl too.
MArs Hotel and Terrapin Station (especially the second side suite) are two of my favorite Dead albums.
My standard issue vinyl copy of TS I picked up second hand is sub-par though, a bit "dead" sounding and requires a lot of volume to wake it up. I may have a sub-standard pressing or something. I need to replace it.