Personally, I consider this a classic. While overhyped mediocre releases like GKMC will lose luster over time, Live.Love.ASAP will sound better with age. Why? Because the replay value on this album is extraordinary. And that's 95% of what makes something classic.
Straight up, this album has some of the most beautiful hip hop beats I've heard in my entire life.
Time will tell just how 'classic' this is. I consider this on par with Fantastic Vol 2. Which isn't classic on an Illmatic level, but definitely one of the best underground hip hop releases ever.