I'm not sure how you would categorize multichannel albums from Pink Floyd and the like that use all kinds of non-traditional instruments and sound effects that appear and disappear from various directions or even pan around you. Would you consider that as being on the stage or part of the audience? I'm not sure I would classify it as either. With their music, there doesn't really seem to be a stage, performers, or an audience, but rather an experience. In this case, multichannel recordings can be very effective and I would say that I prefer them over your basic stereo recording.
I own a few multichannel live concert Blu-Rays, which include video. However, I don't know if I would say that I prefer the audio on these discs moreso than the stereo studio recordings on CD. It depends, firstly, on the performance. If the band sounds great live and if the audio from the live performance is captured properly then it can be a treat. If not, then I'll take a stereo studio recording. It also depends on whether or not I am sitting down and attentively listening to the music without distraction as opposed to playing the music in the background while doing other things.