In my opinion, Steely Dan is the most refined you can find musically. Led by singer and pianist Donald Fagen and guitarist Walter Becker, Steely Dan has produced a large amount of excellent albums throughout their career.
Although it's not my favorite album (that would be "Aja"), I consider 'Gaucho' a very interesting album, not only for the quality of the music contained within it, but also because the next studio album from Steely Dan wouldn't come until the year 2000, with "Two Against Nature." This twenty-year gap of silence is, however, filled with solo efforts from Fagen and Becker (the most beautiful being undoubtedly the splendid "The Nightfly" by Donald Fagen, released in 1982). Another reason why this album is so interesting is due to the quality of the musicians involved (just think of names like Steve Gadd, Rick Marotta, Anthony Jackson, Jeff Porcaro, the Brecker brothers, and Michael McDonald, to name a few).
The album opens with the highly refined ballad "Babylon Sisters", one of the masterpieces of the album if not THE masterpiece, a song with a splendid melody and a memorable drum groove (by Bernard Purdie). A little curiosity, this groove inspired Jeff Porcaro (also present on this album) to compose his for the famous "Rosanna" by Toto (1982). "Glamour Profession" is an excellent funk with a hypnotic bass line by Anthony Jackson, where everything seems solid and perfect: from Fagen's vocals and piano interludes, to the solid foundation by Steve Gadd, from the female backing vocals, to the guitar by Steve Khan. The only downside is the absence of Becker on this track, but Steve Khan also does an excellent job.
"Hey Nineteen" is a light funk rock with an irresistible chorus and a nice synth solo by Fagen. The presence of the title track is probably due to the fact that the great already-mentioned drummer Jeff Porcaro plays on it because the song itself doesn't stand out much—it's a track neither here nor there. "My Rival" is just a little more than a ditty, but it's really engaging and catchy and bassist Anthony Jackson supports the rhythm of the track excellently. Like "Hey Nineteen", it also has a memorable chorus.
The captivating "Time Out Of Mind" is quite similar to "Glamour Profession", but has its own personality and is equally good. And then, how can we forget the melody and especially the presence of two great musicians like David Sanborn and Mark Knopfler? The latter even leaves us a stunning guitar solo. Unfortunately, the album ends on a sour note with the tedious and heavy ballad "Third World Man", where two great musicians like Steve Gadd and Chuck Rainey are entirely wasted. Pathetic is also Fagen's attempt to pronounce in Italian "l'era del terzo mondo". The only positive note of the track is the guitar solo by Larry Caltron.
'Gaucho' is undoubtedly one of the masterpieces of the group, and it certainly deserves a listen. What I can tell you is that if you liked "Aja" and "The Royal Scam," you'll greatly appreciate this album!
PS:
There's also a track circulating on the internet in mp3 form that was supposed to be published on the album and of which Fagen and Becker were proud, but which was inexplicably cut. The track was titled "The Second Arrangement" and was a funky piece in the style of "Glamour Profession", with a splendid guitar line unfortunately by unknown, as I haven't been able to find credits for that piece.