I haven't heard the vinyl LP version, but I've had the CD, which is still only available in original issue form. IMO, the CD is a perfect example of crummy early(ish) low-rez digital mastering. The soul of that album is in there somewhere waiting to get out, you just can feel it.
I agree that's one heck of a densely and subtly layered album, I believe a million dollars was spent on recording, and one year was spent on just mixing alone. It has a great rep as a masterpiece, but you'd never know it from that crappy CD version.
Damn, that's one album that screams out for re-mastering or being put on SACD/DVD-A, though Kevin Shields will probably spend 5.1 years mixing the multi-channel version.
Another group whose music is so involved, detailed, multi-tracked, loud, and heavily layered and mixed is Jason Pierce's Spiritualized, don't know if you are familiar with them. On low-end equipment his albums sound like ghostly, murky, muddled mush, impossible to sort out. As I've gotten better and better equipment, they keep revealing more and more of those great albums, separating all those tracks and sounds so they are finally a joy to listen to, some of the best headphone music in my collection. I have hope that Loveless can be salvaged with proper mastering.
Mark