So do you like live music or studio recorded music from your favorite bands? Or how about live sessions recorded in a studio without an audience?

I like both. However I think first loves for songs would be studio tracks as that is the "first" version you're likely to hear. Then live tracks would depend on recording quality and how well the overall concert went (whether or not they were on top of their game).

Or if its a local band do you have to have live since they don't have enough to put together a studio album?

studio, it sounds better.

Depends on the band and the style of music. Listening to any electronic music live is just pointless unless it's something like Daft Punk, but that's kind of hard to just listen to in the first place.. Muse is way better live than they are in the studio, and S&M is really the only thing I like about Metallica, but with a lot of groups it just depends.

Studio.

Although I prefer to ear jazz live.
Because you can feel the composers and the people around them.