Agreed 100%. NO question about it. There's still a lot of room for work a player/performer can do to pay homage to a characteristic tone.
For example I hear a lot of players do old school AC/DC and use waaaay too much gain. Are they "putting their own spin on it" intentionally ? Do they not see any value in [at least trying to] emulate the tone of the original ? Maybe they have lazy ears, really don't care, or are purposefully altering the tone to suit their personal taste .... doesn't matter, I guess, as long as they're happy with what it sounds like. As established - nothing we do with knobs is going to make us sound exactly like Angus - but if one is going to go to the trouble of learning the notes he plays one might as well try to make the notes sound like his - even if those notes, strung together, aren't going to match the swagger and magic Angus adds with his fingers. (?) I'm not arguing or disagreeing with anyone - just talking.
MAGGIOR: I don't think u have to back up on your position that your favorite live covers are ones that are truest to the original (note/note - tone). I think that's a universal perspective ( especially amongst non-musicians). Maybe you've gained appreciation for those that are more liberal with their covers ...that's certainly OK. Right now my area is the middle of a 10 day biker rally that brings a TON of live music and I get to hear some of the best cover/tribute bands there are, all-day/all-night. The arrangements, execution, and even the vocals are delivered with meticulous attention to detail- absolutely amazing. You guys would have a really good time here this week. Wish You Were Here.:)
STORY: This one place had 3 tribute bands lined up back-to-back. The Eagles, Led Zeppelin, and Pink Floyd. As it turned out ... all 3 bands were the same guys! They'd change outfits and (some) equipment between shows and did long sets of all 3 bands. And did them extremely well. That, guys, is a helluva good time. Peace.