Here's what Lou said in interview in 2007:
"
The myth-- depends on how you look at it, but the myth is sort of better than the truth. The myth is that I made it to get out of a recording contract. OK, but the truth is that I wouldn't do that, because I wouldn't want you to buy a record that I didn't really like, that I was just trying to do a legal thing with. I wouldn't do something like that. The truth is that I really, really, really loved it. I was in a position where I could have it come out. I just didn't want it to come out and have the audience think it was more rock songs. It was only on the market for three weeks anyway. Then they took it away."
Also a rip off from The Rough Guide to Velvet Underground:
"
Mastering engineer Bob Ludwig confirmed in 1997 that Lou was extremely interested in every detail of it, and that it be just right. There was never a hint that this was anything that he wasn't 100% serious about."
Haven't heard that Zeitkratzer version yet, but they did a fine job with Whitehouse material.
I've heard way too many Velvet Underground bootlegs and those early live jams never really scratch my noise nerve. Instead I love to listen to a guitar amp tape from Boston Tea Party. Recording is so overdriven that it almost qualifies as a good early example of guitar noise rock.
http://www.youtube.com/watch?v=ofGVisFjwEM