What is the difference between "Live Cream, Volume 1" and "Live Cream, Volume 2"? My argument would be that this 1972 album is a bit more rock oriented than its predecessor, which tended more to the blue songs in the band's repertoire. The common denominator is that the power trio of Eric Clapton on guitar, Jack Bruce on bass, and Ginger Baker on drums approach their music with the same blend of improvisation and showmanship that jazz musicians bring to their live performances. Cream only put our four albums while the band was together, and they had already split up by the time that last one came out. But half the tracks on those last two albums were recorded live rather than in the studio and with these two posthumous live albums added to your library the live/studio division ends up being pretty much right down the middle.
The only real complaint is that because the live tracks end up being so much longer that there are less of them, which means you are not going to find live versions of all of your favorite Cream songs at this point (e.g., "I Feel Free" and "Badge"). But on this album alone you get extended live versions of "White Room" (5:40), "Tales of Brave Ulysses" (4:46), and "Sunshine of Your Love" (7:25). The only real monster track here is "Steppin' Out" (13:38), and that is another reason Volume 2 is a slight improvement: the improvisations stay closer to home with each song. But then you can take a song like "Deserted Cities of the Heart" where the difference between the original and this live version is only three seconds, and just see how much of a difference it makes just to have these guys playing in front of an audience.
Keep in mind that these songs were recorded in the late 1960s, which is important because for concert recordings from that time period these are really good. The final note here would be that with all of these live albums they do a good job of not doubling back on tracks, with the second live version of "Politician" being the exception that proves the rule here. There were a lot of live recordings of Cream lying around in the vaults for a reason. No wonder when the group got together again in the spring of 2005 they did four live gigs at the Royal Albert Hall and produced another live album. The biggest difference was not that all three musicians were in their 60s (cf. The Rolling Stones), but that Clapton was playing on a Stratocaster instead of a Gibson. What a difference a guitar makes.