I'm hearing lots of good things about the new P.F.M. Live in Japan 2-CD set. I'm a little wary about it, though - few of the old Italian Proggers (few of the older Proggers, full stop) seem to have made the transition into the 90s and 00s. Banco's Nudo (also partly live in Japan) wasn't bad, but suffered from too much rock guitar posturing (and only one of the keyboard-playing Nocenzi brothers left in the band).
P.F.M.'s live box 1971-81 was excellent as well (except for a few tracks towards the 80s end). Expect a review if I get the new live set.