I think it would have been much superior to the BW the band produced. I think he would have pushed them to re-write and re-write where songs weren't perfect, and brought out more creativity where Cavallo was happy to sit back and let the band come up with the songs. Obviously I don't know what went on in the studio sessions, I wasn't there so I don't know the degree of both producers' involvement, but that is what I have picked up.
Carter on BW plays quite a few pretty samey beats: the main beat often incorporates semiquaver tom-work around the beat
Carter starts Dive In and Alligator Pie pretty much the same
There's little light vs shade; the album seems to be about binary in terms of volume. Few grace notes
Song structure which I think has been talked about quite a bit is relatively ordinary and orthodox: V1 Ch V2 Br Ch Ch
Carter plays pretty much always closed hats in verses, and either open hats or the ride in choruses.
I think that in some of these Lillywhite would have said, "work on it then come back"
Obviously this is my speculation and you can all rip into me, but that's what I reckon!!