I think it’s absolutely fantastic, and would say that it is the best music film of all time (Dont Look Back also good at showcasing the young, arrogant-and-with-good-reason Bob Dylan).
Having watched both lately, I'd give the edge to the Last Waltz.
My particular favorites are The Night They Drove Old Dixie Down (better than the studio version, love the horns) and the closing rendition of I Shall Be Released.
I remember when I first heard that performance. I was never a music fan as a kid. I kinda liked Johnny Cash but I didn't really listen to a lot of music in general. It was my uncle's 40th birthday, and I went with him and his mother to see a movie ("State of Play" I think?) while a surprise party was being organized. The party was fun, and I spent a lot of time in the pool with some friends. The chlorine was strong, and it bothered my eyes, so I took a shower after getting out of the pool when I heard this line outside.
".....back with my wife in Tennessee, when one day she called for me, said Virgil quick come and see, there goes Robert E. Lee" I never heard such a vivid and powerful song. Pardon my vulgarity, but my balls dropped at that moment. It was the first time I recognized that I've had an adult interest.
Any version of the Weight is bound to be brilliant (in my top 10 songs of all time), but I agree the Last Waltz version cannot top the album one.
I think The Weight from the Last Waltz is better than the studio. But The Weight is overrated when considering the broader catalog of The Band. I think the Grateful Dead have a similar problem with "Touch of Gray" in a sense.
As for Neal Diamond, I think Robbie Robertson said he represented The Band’s music hall influences, but the poor guy is pretty woefully out of place with all the greats.
Supposedly he told Bob Dylan backstage to "try and beat that" and Bob retorted "what do I have to do, go on the stage and fall asleep?"
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