Mike sounds like he's pounding that bass fast and furious. I can see Fish sitting back, riding the groove and playing in a sweet trance. Trey has kept the wah wah chords going, probably as tranced as Fish is right now. The jam, although it has retained the flavour it started with, now sounds a lot more full. Mike's emphasising the peaks and valleys a lot more too.
Fish man breaks it down nicely, and Page calms down a lot.
Mike follows Fish, and Trey comes in with a new rhythmic theme. He has changed the effect on his guitar, sounding a lot harder and rougher, like he's getting ready to kick ass and take names. He prowls around for a while, almost like a tiger or something. The jam has a much more gritty feel to it, and yet is more subdued as well. Whatever remnants of the more positive, happy jam remain are in Page's keyboard work.