The truth is, there really is no such thing as note for note. I can't really think of a band that releases a tune with NO overdubs at all. There are usually extra guitar parts, keyboards, background vocals, percussion, etc., etc. Even a 5 or 6 piece band couldn't usually play something exactly like the original. A bass line that sounds good in the original context doesn't always cut it with different instrumentation. I've found that instead of adding a lot of extra notes, for the music I play (rock, guitar/bass/drums), simplifying the parts and focusing on driving the tune is more productive than adding more fluff.
Just my own take is that you need to get all of the chords correct, the feel, the signature riffs and most of the fills. If I get 80% - 90% exact, I'm happy. I've had multiple times where I've been told I nailed the recorded part in auditions when I know that I wasn't 100% there.
As for competition, playing exactly like the original isn't the most important factor in getting a gig. Yes you do have to be technically proficient, and yes you do have to 'know' the tunes, but showing up on time, prepared, without an attitude and exuding 'team player' vibe will get you way more gigs than playing 99% exactly like the original. Just my experience.
There most definitely are people who play note for note.
