I like to keep live and studio recordings in separate directories -- I just find it's easier for me to manage. Plus, I'll often decide I want to listen to live or studio before I decide on the genre and/or band. So, that's the top level of my directory structure. (I don't bother using genre in my directory structure. I probably should, and may some day, add genre to my metadata / tags.) Band comes next, followed by album / date+bitdepth, and finally track-level information. Looks like this:
Music | Live | Band | BandYYYY-MM-DD.FiletypeBitdepth | BandYYY-MM-DDtNN.Filetype
| Studio | Band | Album | Track#_Track-Name_Album-name_Band.filetype
My live band directory structure and filenames reflect the "eTree" standards I started using ages ago. I use the studio filename structure above because <1> it provides proper sorting within the album, and <2> I typically already know the band and album to which I'm listening, so the only question is the track name. Since my primary playback is based on my Squeezebox, which has only a single line of playback info, I see the track name right away without having to wait for the line to scroll.