The premise of "Live LilyMu" is wonderful: the LilyMu crew decides to put together a live LilyMu episode and all sorts of chaos ensues. The chaotic events themselves are also very interesting (spoiler warning): Mikey places farting powder on an ice cream which Mitsuki eats (unknowing about Mikey's gag); Gonard goes crazy chasing an ice cream truck; Lily loses her voice; YesMan fills in for Gonard; Guano has a nervous breakdown; among other things.
However, the episode is uncomfortably fast-paced. It feels like it needed a bit more editing before going on the air. Too many things were forced to fit into a 30 minute episode. Also, the screenplay sometimes falls completely flat. In fact, the episode is pretty hit-or-miss in terms of screenplay quality: sometimes it's awesome; sometimes it falls dead on the floor. But in the end, (spoiler warning) seeing Mikey and Mitsuki fight and make up for the first time was wonderful. Plus, the characters are lovable as always.
Thus, I give the episode an 8.0. A high enough score for its ideas and great characters and events, but a low enough score for having too many of those ideas, and inconsistent writing.