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Jack Kerouac penned this definition long ago in On the Road...describing Neil Cassady as being the living embodiment of IT. It's not necessarily a Phish thing; but they are masters at producing the IT moment.
And so we chase.
My first was June of 1991. Lying on the bedroom floor, I cranked my "system" and listened to Lawn Boy start-to-finish. I paid attention to every note--looking back it was probably my first meditative experience--and towards the end of Antelope, IT happened. Things have never been the same.
I felt IT throughout most of my first show (3/11/92). But being 16 and high on L probably had as much to do with it as Phish did. Sanity was an appropriate encore.
I've chased IT ever since. I've never seen Phish and not had atleast one of those moments. Even at my last show, 6/8/12, I experienced IT a couple times, sober. Roses-> Jam and Sand.
For me, Phish's draw is their ability to consistently create these IT moments. No one does it better.