Hi there Ala - you're right it's just a regular compilation, all studio recordings. There are no live tracks on it at all.
I bought it back in the early '80s because it was the first official source of Wicked World here in the UK (the song isn't on UK versions of the debut album).
EDIT: To be absolutely clear, it's this one that I'm talking about:
There is also this - which is also studio recordings (I don't own this one myself though, so I'm going by the samples I found online):
It appears that there are both volumes I and II in this latter guise, which appear to simply be the original 2-disc WSoSfRnR compilation split across two separate discs.