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Spot-on. I've been saying this since last year. What they're reaching for is not just groove-oriented improv, but true on-the-fly composition. Sometimes it works, sometimes it doesn't, which leads to the so-called abortions when they're not feeling it.
3.0 has more rough edges than 1.0, sure, but it also has moments like last night's Carini or the BGCA Jim where they're creating songs within songs out of thin air that exist on their own terms for a brief moment in time and then are gone. This alone has me more interested in Phish than I've been since '99.