Well Quizzy, that's not what I want from a live record. The fact that the Basel or Nimes broadcasts are better as live postcards says it all for me.
Agreed. Perception is an interesting thing. Quizzy, if you had seen Basel before as some of us had then you might not have been blown away by On The Night. The playing is still as good (they are all recorded within weeks of each other) but it genuinely "feels" like a live recording (because it was!) in the same way that Alchemy does.
To my mind, no live recording can match the feeling you get on a live show, so we can go as far as saying that no bootleg, live album or broadcast can recreate the real deal, which is probably true. The real live show is like a rainbow, which is individual for each observer. This "unedited" bootleg or broadcast is just slightly better at capturing this unabridged feeling, but it won't change the music itself, it's only about the feeling, and small amounts of it. Just like Dusty said.
A live album, or any recording, is something a microphone hears, or mixing board hear, or sound engineers hear. On a live show you stay on one point, listen to the band (or speakers for that matter) from one point, and watch it from the same angle. So if you record it from a single camera and single stereo binaural microphone with no edits, that will be the closest to a live show. So for the most part every live DVD is more like a movie. In a movie, you're not seeing events as it's happening, you see them how you would REMEMBER them. And by this definition, I think any live album or bootleg works.
So to me personally, there's no difference between Basel, On The Night or any other bootleg, they all work should you look at them with the right attitude. On The Night is a movie about Dire Straits' last tour, it's not a live album by any means. It's like Titanic movie is not a documentary on the ship's fate, it's an attempt of recreating how one would remember the events. Some like it to be true to life (see "Titanic Sinks Real Time" videos on YouTube), some like it to be cheesy, some like both. I'm from the latter group.