As others have mentioned, it depends on on the genre. A lot of live versions of some songs aren't presented too differently than the studio version (i.e. Cheap Trick, Rush), whereas a group like Led Zeppelin might play the songs in a completely different manner.
Something like the live version of "Dazed And Confused" from TSRTS soundtrack is a great example, they really took it to a different place compared to the studio version: different segue sections and solos, etc.
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