Some are saying it's like compensation for your time and work before, during, and after the show. For a $5 show?
How much work are you guys really doing here? You're not going in and running effing sound for a $5 show.
You will at most throw up two channel aud and pull a board, from the equipment in your sigs. You go in, set up wherever the hell you want,
get your config down and hit record. Peep the levels every now and again. Hit stop. Not a lot of work for your "hobby" eh?
Also not sure what you are doing in post that qualifies as work for a $5 show in a less than stellar bar/club.
Bottom line, if they ask you to come and tape their $5 show and guest-list you, take it. If they don't offer it either go and tape because you are interested
in something new and dig your hobby where it doesn't matter, or you aren't feeling them and decline. S I M P L E.
I wouldn't necessarily go see a band I didn't like just because of a guest list spot. But I'm in the situation where there is probably more than one band I could go see in a night - or at least, there are other shows I could go to in the week that I won't go to because I can't go to shows every single night. So going to one band's particular show is a decision.
And really, you don't think it's work to some degree? My time at a show I got listed for on Weds looked like this:
7pm: Rush to get home from work.
7:45pm: Leave extremely early to get to venue when told, although doors aren't until 9pm.
7:45-9:30pm: Set up, then wait around.
12pm: end
1230pm: break down
Another 2-3 hours: Mix down recording, track it, write post, edit photos, post.
If I were not taping, my night would have looked a whole lot shorter.
I do this for fun, but it's certainly an investment of time. If you ask me to do it, you're asking me to commit a lot of time to it.
And as to the amount of the cover, I support the club by buying beer and/or food (if they have it), usually, which costs a lot more than the ticket. And I rarely if ever record a band whose record(s) I don't own, either through iTunes, bandcamp, or buying the vinyl at the show. In fact, that same band on Weds was nice enough to try and give me something, but I'd already paid for all the records they were selling (they only have 2 albums). Guest list spots are not something that really "costs" anyone anything because the club allots the band a certain number in advance, usually, and guest list spots are calculated out of their projected revenues before the show even happens.
That said, I am all for supporting both artists and venues financially. As I said, I'm always happy to buy a ticket and pay my way. Also, that reduces the stress if I end up having to bail - I don't "owe" anyone anything.