This competes with the 7/8/12 Piper for the title of best of 3.0. I'm siding with this version though. The Chalk Dust> Piper combo as a whole is phenomenal

Along with the nice interplay between Page and Trey early on, Mike is really doing some fantastic things in this jam. Right about the 9:00 mark he introduces the idea for the lick (noted by @n00b100) that Trey picks up on quickly and rides out to a nice gentle peak. He also adds a nice deep layer with the Moog pedals not to mention the now signature drill. Very attentive playing by everyone in this beautifully constructed jam. Nice little segue into Theme From the Bottom ta boot.

There's a lick that Trey catches onto at one point that's stuck in my brain ever since I heard this jam. Piper's started to regain its footing as a big jam vehicle the last couple of years, and I'm with @Dog_Faced_Boy that this is one of the best of the era.

Magical, Mysterious, soothing this jam is like taking a warm bath. The whole band is playing music straight from the heart. A+ Phish.