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The big difference is that Phish went from spacey, disappointed dissolution in 2004 to an amazing new synthesis in (say) 2010. Imagine the Dead getting together in 1999 after Garcia cleaned up and lost 50 pounds, then coming back to play music in their late-70's style. That'd be worth studying, as new Phish is.
Anyhow I'm with ya - being reminded of what Phish was capable of in 2004, away from the drugs and desperation, isn't (to my mind) worth the pain and suffering of working through the actual existing drugs/desperation/unprofessional bullshit of Coventry. If Trey had been anyone but Trey, anyone but and idol and father/uncle/big brother figure for thousands of fans, there'd've been a lot more richly-deserved disgust at the way he turned his back on Phish, and a lot less sympathy for the specific nature of his choices.