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Further it is possible for any single fan to express enthusiasm and praise on a particular show – as noted, I loved large segments of Bethel1, Bethel2, Pine Knob and Blossom, and the Gin > Light up from Tuesday was blistering, among other tour highlights – yet still view the tour as a whole as a) a downgrade on their overall level of play from as recently as last fall and b) filled with far too much air time that is just going through the motions.
As to the "nostalgia act" – that I recognize is a bit of a polarizing hot-botton phrase, given it is what Trey said in his infamous "Letter from Trey" that they never wanted to become – I'm not hearing folks flat out say "Phish is a nostalgia act." It would be incorrect, but I don't hear anyone saying that. JDG, the OP here, said "Wednesday night in Georgia, Phish played like a nostalgia act." He was referencing one show... and goes on to contextualize among the tour as a whole, but that is a lot different than "Phish IS a nostalgia act." They aren't, but they do display hints of being that, at times.
In any case, few if any of the comments seem to suggest any conclusive finality, and anyone who cares enough to be commenting in a thread like this even at the most "negative" is probably hopeful (if not even confident) that things take a turn toward the more risky and innovative and propel us all into a happy Phish future. I know that is where I'm at... I think the band is simply in a mini-funk. YMMV.