I know some people want the "illusion" of a perfect live show. The screaming audience, the energy of a live performance, and every note played and sung perfectly. To achieve that, most bands would have to do some serious editing, splicing, and overdubbing in the studio afterwards. I guess I can understand that, but to actually enjoy it, I can't know how it was achieved. In my mind, it has to be an actual undoctored recording of what the band sounded like that night. Anything less, and I know it's fake, and that spoils the illusion. I might as well be listening to the studio recording.
The only exception I can think of is Zappa/Mothers live albums. Frank makes it completely obvious what he's done; he's taken live tracks and added studio stuff because in the end, what he's created musically is what counts. I've been listening to Frank's stuff since high school, so I guess this is another "other" category, since I accept this in the name of the art he's creating. But somehow I have trouble applying this same mentality to other bands. Maybe because they present it as a live album, and then it's just too obvious that it's not all live. So the honesty is indeed important.