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I think it depends on bands. I can't pretend I saw a lot of live bands though, but for example, !!! were really better live than on studio (though I love all of their albums), where I thought Radio 4 are better studio than live (even if they were good too, live...). I don't know, it's two different things I guess.
Now about RECORDED live songs versus RECORDED studio songs, I usually prefer the first version I hear (for instance, I heard a live version of Animal Collective - Peacebone before the release of Strawberry Jam, so I was a bit disapointed with the studio version at first - now it has grown on me, anyway -)...
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