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I think Phish has a very hard time reaching the many ranges of emotion the Dead could call upon. Phish is typically not very good at evoking a sad melancholy that the Dead was exceptional at eliciting with songs like Wharf Rat, Attics, Stella Blue, etc etc etc.
Phish is much better at entering the musical realm that boggles the mind though. The Dead had their moments but Phish, night after night, is able to enter a space that brings me to another place entirely.
Either way.....LOVE THEM BOTH!!