My kid's favorite record was "The Limelighter's Trough Children's Eyes; Little-Folk Songs for Adults." OK, it was one of MY favorites, too! I still have the old LP which quotes the Limelighters, on the jacket, as calling it "...The Best Album We've Ever Been Associated With." I agree with Stringsinger that Lou Gottlieb was a brilliant humorist. That recording is a good example.
The Limelighters were not alone among folk groups in undergoing changes in personnel. The Kingston Trio comes to mind. And as I recall, even the Dubliners underwent several changes in personnel. Some groups were able to keep up the quality of their performances in spite of the changes, others were never quite as good in their reincarnations as the original. I've always had mixed feelings about carrying on the group name when the original performers were no longer together.