I have downloaded Connexx 8 and played around with the simulation feature. I believe I now understand the difference between the Music Enhancer features. Both default to having frequency and amplitude compression suppressed.
Recorded Music mode - All noise reduction features are shut off. The microphone is in the iOmni mode (essentially all around).
Live Music mode - The automatic classifier is turned on, and the iWindNoise feature is turned on and set at maximum. The microphone is set to be Directional Adaptive, rather than omni.
Since I almost never would listen to a live concert, and especially outside, I think I will just settle for the Recorded Music mode.