I originally thought it was a studio session, but listening again, found that it sounds more like a multi-tracked live show. The echo on the Caution vocals doesn’t sound like a studio recording, for instance; and you can very faintly hear the echo of the vocals in the drum mic during the opening Cryptical and Alligator. The vocals go in and out of the mix – Weir’s guitar is also low in the mix until midway through the Other One, when it comes up in a noticeable mix change. The start and finish of both suites are (intentionally?) clipped on the tape, so no audience is heard.