yes, I imagine the sound is pretty accurate in terms of experiencing the live balance -- of course, nothing can really put you "there" unless you were there, but it's probably close. Elvin was loud and Dolphy as far as I know hadn't really played with him until working with Coltrane, so was probably still adjusting.
Alderson's engineering is interesting -- to me it seems much more documentarian than stereophilic, and I appreciate that while knowing that for some settings it isn't ideal. But I like what he did on ESP and Prestige (and Reprise -- he was Tom Rapp's go-to recordist, from what I understand).