The answer is a no brainer in my opinion.
The fact that the song were performed live and hence is already a point of difference to the studio Genesis album and there are no Genesis live albums that is as comprehensive in summarising the progressive rock era of the group means that Live At hammersmith is far more of an essential buy than the studio re-recordings. This isn't even mentioning the DVD either (which I will believe every Genesis fan should watch and is a must buy)
Now Live At Hammersmith vs Royal Albert Hall.
That's a different question (I haven't heard Steve Hackett Live at ROyal albert hall yet)
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