Personally, I think Loveless is a great achievement in recording. However, it is not the holy bible of indie rock that many people think it to be. It is a great album if you like that kind of music. In fact, it's THE album if you like that kind of music. But, although it is a milemarker in college rock/noise pop/shoegaze, it is not the best MBV album.
My bloody valentine is absolutely an acquired taste, but I think there are a lot of people who say they like them, when they actually don't. Don't ask me why, it's just a theory I've developed over the years. Personally, I love the album, but I'm more into their earlier career (see EP's named in this thread, Isn't Anything, etc.) I also listen to them from a musician's perspective. I spent countless teenage hours sitting with my first Jaguar and a cheap Peavey Envoy 110, playing Loveless on repeat and trying to recreate the sounds while playing along with the album. But it's vastly different than the band that MBV started out as, and many years later, I've pretty much decided that I prefer the Jesus and Mary Chain, and that Loveless owes more to Psychocandy than many people realize.
MBV is one of those bands that will always be a favorite of mine, but that I only listen to once or twice a year. Kind of like Husker Du, the Stone Roses, Pixies, and even Nirvana. The bands that first turned me into the shameless college rock junkie I am today.
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