Consequence of Sound just did a great piece on the album. Below are two paragraphs that really stood out for me. You can read the whole article here. I couldn't agree with this piece anymore. Great stuff.
Nirvana’s remastering of Live at Reading is by far the best live recording to surface in 2009 other than when Phish let everyone download those Hampton shows for free back in March. The fact that somebody finally decided to put this out so the public could hear it again is spectacular. This recording is meant to be preserved for the masses. Not because it was their last UK performance, or because of Cobain’s legendary entrance, or because it’s the greatest possible set list Nirvana could have ever dealt. This recording shows why Nirvana was important.
Nirvana was important, even though numerous music pundits will argue otherwise. Hearing a live recording like this is like having your own time traveling Delorean. Live at Reading proves in every way that Nirvana was (arguably) the best band of the 90s because it shows them in the way any good band should be remembered, live, raw and uncut. If your band can’t play live, what’s the point? Good records can only do so much, but this recording shows Nirvana didn’t just make a few good records; these bastards could play, and that is what counts when it comes to commemorating any band: Live music will always be relevant.