As we all know these days it pays to capture everything, its all about the uniqueness of the event and recording a live show should be a no brainer.
Front Of House (FOH) in all but the smallest gigs are most likely running some kind of computerized system to already, so capturing the audio also makes sense. CDs for sale after show, that end of tour live DVD or whatever.
Waves have thrown their hat into the mix with Tracks Live - "Tracks Live is a multitrack recording software solution designed to capture live performances of any kind, from the smallest gig to the largest production."
With the addition of multi-track recording and the latest digital desks, virtual sound check is also supported with the new Live Tracks package.
Available now priced at $99, Tracks Live also comes with a free version of MultiRack ($600 value) - Waves' aplication for running realtime processing using Waves plugins and a sound card of your choice.
BTW, if you are interested in seeing the sort of thing that top drawer live eingineers are using Waves Multirack for check this video from Linkin Park's engineer Ken "Pooch" Van Druten does:
Seamless audio and MIDI switchover between computers