I usually use a similar approach to that of above, one session, but I put markers for all the songs on the session so that I can reference each song quickly.
Each time I've done this, it's been for a DVD release, but the DVD was not a straight through audio concert. It had interviews that broke up the songs and what not.
However, I had full control over the mix because I am the live sound engineer for We The Kings so I just took a feed from the board.
I like this topic a lot. I'm glad it was brought up.