Tracking is a unique thing, of course.
My approach, as a location guy, was to work with the room, rather than neutralize it. Figure out what it sounded like, and go there. A punk band in a bedroom can sound great, if you're not trying to make a Blink 182 record, but instead go for Minor Threat. Same thing with any band; you're making a document of that group in that space.
Studios are great if they have a nice big room. My main complaint about studios is that most of the surviving ones have smallish tracking rooms. If I want a big, live room, I go to an art gallery, etc.
That said, I'm not doing much locations tuff these days, it's just a huge pain the ass. going into a space, building a studio, recording a session, the tearing it all down again is hard work!