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If the consensus picks for the Top 5 are right (11/17, 11/22, 11/23, 12/6, 12/30), then my top 2 shows left off completely would have to be 7/23 and 7/29. 7/23 has a bit of a weak fourth quarter, but the first set features EXCELLENT versions of Limb by Limb and Julius (maybe the best Type I Julius ever) and the second set features one of the signature jams of the summer in PYITE, Ghost.
@nichobert mentioned Phoenix. It has a GREAT first set, with excellent versions of Theme and Ghost, as well as the FIRST seriously funked out version of Gumbo. The Swept Away -> Steep > Loving Cup sequence to close is also very pleasing. The second set has sort of a weird set list, but both Antelope and Twist are all time versions, and Taste is very strong too.
I should mention 6/25 too. I don't suppose I would have put it in my Top 20, but goodness, that's just a sign of how ridiculously off the hook phenomenal 97 was. In many years, that would easily have been a top 20, or even a top 10 or 5, show.
I get how tough it is to make calls in a year like 97. So many phenomenal Phish shows will be left off any list. Just think of the amazing highlights from shows that will be left off: 6/14's Cavern, 6/20's jam into Taste, 7/3's GHOST!! (best Ghost of 97?), 7/9's ridiculous Flecktones infused YEM -> Ghost and amazing SOAM and DWD, 7/25's Chalkiest and Gin with Bob Gulotti, 8/2's Wolfman's and Diseezer, 8/3's all around (but subtle) excellence, 8/9's Mike's Groove and Slave, 11/14's second set, 11/26 Tweezer Taste and Character Zero, 12/5's Julius and Slave, 12/13's Ghost and wacko Mike;'s Groove, and 12/31's Mike's all feature amazing playing. And I would agree that none of those belong on the list.
All I mean to say is just, holy cow, Phish 97.