This is the live version of "The Wake" album, WOW! I like it! If you refer to my review of "The Wake" album, the lack of ambience problem is quite well solved here:
The drums are really louder and more punchy, even having a pleasant permanent echo! The electric guitar is clean, highly pitched, and no doubt Mike Holmes plays and sounds better here, producing very subtle and ethereal, melodic & sustained solos more in the background. The keyboards are maybe slightly more in the background, creating with the drums and bass a very pleasant and addictive echoed live ambience. Peter Nicholls' confident voice is excellent, quite in the foreground, having a natural echoed live sound. The bass is VERY well played and elaborated, much better than on the studio album! For people who only know the later IQ ("Subterranea", "Ever", "Seventh House"), I recommend you this record, because it has more the atmospheric mood so present on the 3 records above. This live album is among the best ones in the prog music.