When I joined my current band, I learned everything note for note (it was just 3 songs at that time). I think they were delighted that I'd gone to the effort of working out the songs and learning them, and they were happy that I could keep up with the band and wasn't a complete amateur.
Having said that, when I have occasionally shopped for a new band, I've been sent tracks that I've tried to learn and found them really difficult to work out. I'm not the best at playing by ear so that obviously factors into it. In the end, I decided not to audition because I didn't want to waste anyone's time.
