This is a bit of an old topic but I find that depending on the sort of venues you play (ie we play pubs) most landlords, if they can be bothered (and thats a whole other thread) just want to hear a half decent live recording just so they can be reassured you're not totaly sh*te on the night. Polished studio demos are a waste of time IMO for the sort of work we do. I record our gigs with a little zoom H2, then tart them up a bit in Reaper at home. By tart up, I mean a little EQ and compression. These mp3s then go up on facebook etc but could be burned onto CD for the landlords. Top tip - get a printer that also prints onto blank cds then print your band logo on 'em, looks way more professional.Thats it!
Oh yes, the copywright bit, forgot, dont worry about it, the PRS wont be the slightest bit interested/organized to do anything.