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I have listened to Big Cypress and it is, of course, Phish of the highest quality doing something earth-shattering.
The music of Magnaball is very different from BC, but I think it is overall better if you are looking for unique ideas and perfect moments of untold bliss. The 5+ hours of music last Saturday are being considered the greatest show of all time by many, and with good reason.
Regardless of rankings, phans are legitimately having conversations like "How would you rank Magnaball against Big Cypress and IT" and it's become a matter for debate instead of immediate dismissal. If you told someone two weeks ago that serious conversations of this sort would be happening today, their minds would be blown wide open.
The state of Phish in 2015 is truly a gift. They are alive, vital, and experiencing another peak, like all the playing since 2009 has been building them back up to a point where they can again destroy the world.
I will never forget Magnaball and the great times we had there. Tweezerpants is probably my favorite section of Phish ever. The DWD-> Scents-> WTU-> Dirt is up there with my favorite suites of all time along with classics like the C&P-> Light-> Sally-> C&P from 8/19/12. In an era where feels are more important than shreds, Magnaball is king.