Too bad these things are so expensive.
They may be a bit pricey (season 1 retailed at $69.95, but I bought it at Wal-Mart for $48), but I assume the steep price has to do with securing the music rights for the various musical guests, as well as some of the music heard in the show.
For instance, when Warner Home Video released the George Carlin ep. on video in the 1980s, they took a 68-minute program (without commercials) and whittled it down to 52 minutes. Gone entirely was music guest Janis Ian (who sang two songs); gone was a second song by Billy Preston (although his first was included), and gone was a snippet from Bobby Darin's "Mack the Knife" at the opening of the Victims of Shark Bite sketch with Belushi and Curtin.
In the Warner video version of the Peter Cook & Dudley Moore show, Chevy Chase sings a snippet of "Thank Heaven for Little Girls" in the Lifer Follies sketch. That was cut. Otherwise the rest of that particular episode was complete.
Many (but not all) of the Warner tapes (which were randomly-selected episodes from the first five years) suffered musical cuts.