My favorite live song is "Radio gaga" but the only one that really does the justice is SanRemo 04/02/84 *Ba dum tss*
And for the better in studio category, The entirety of A night at the opera, and for not good live or in studio, Most of the game and Hot space.
But being realistic, Live aid's radio gaga is literally better than the recorded works version.
White Man - live Houston 1977
My Melancholy Blues - live Houston 1977
White Queen - live Rainbow
Who wants to Live Forever - live Wembley
See what a Fool I've Been - live Hammersmith (one of my favourites. I really do not like the studio version at all)
But most amazing of all is March of the Black Queen! I love the album version, and the live version even better, although it is so so short. That song is pure genius any which way.
I adored the live version of In The Lap Of The Gods Revisited, particularly the Wembley version. Such power! I actually prefer this to the studio recording though admittedly I heard the studio version for the first time after Wembley which no doubt influences my opinion. All of the Hot Space stuff live is much better than the studio recordings because they rocked it up a lot more. I don't care for Calling All Girls at all on the album but live it's really quite enjoyable. Even Back Chat is tolerable live. Tolerable.
I prefer the live versions of White Queen to the LP version. It's just the 4 of them doing what they do best and the solo for me works so much better than the studio version.