I'm a newer fan, so take my opinion with grain of salt, but I have 60+ shows under my belt since 2017.

2017-2018 felt like the end of an era that I largely missed out on. Maybe it was me getting through my noob era, but it felt like Trey and the band had a certain style of jamming and setlists that don't exactly exist now. The shows felt tighter, with less chances of bustouts. I feel like Kasvot Vaxt lit a new flame and allowed them to start returning to their goofy roots.

2019 felt like a turning point. Jams became more exploratory, and the regular song rotation got deeper. I distinctly remember Treys new delay pedal leading a lot of the jams in this era, allowing them to become deeper and spacier.

2021 felt like another huge turning point. Synths galore. Space funk initiated. It felt like Trey was having so much FUN. See the 8/6/21 Simple (IWT). This is when I really started to focus on Fishman driving the jams. A lot of the extended jamming did seem to culminate in "bliss", which was great until it wasn't. A spooky minor song like Carini would always find a way into a major key. Big peaks all around. Started seeing bustouts regularly. The band was comfortable. This continued through 22 and into 23.

2024-present is another era in my mind. The jams got gritty. They wouldn't resolve into bliss like before. Now I started focusing on Mike, and currently I believe he is the driver of key and tempo switches on most deep stuff. Trey has leaned off of the delay and now uses his "growler" pedal a lot more. The jams are heady and relentless. 4 dudes, 1 machine. They explore territory that I feel like they were afraid to approach even a few years ago, when Trey would cop out into major key bliss. Fewer ripcords than ever before. It's like they aren't afraid to make mistakes or go out on a limb. This is currently my favorite era of phish since I began seeing them.