It could be someone blowing into a mic. Actually, no, it can't be someone blowing, it has to be an effect of some kind. In total, it's definitely a different Mr. Minor segment here. Everyone is feeling each other out at this point. Now Trey clearly takes the lead.
Page drops out for a little while.
This is the Trey we see less often nowadays. Just lost his place in the solo for a sec. An interesting version, but not by any means spectacular. The Mr. Minor section is clearly different than recent versions, so if you're really into the evolution of Phish, it might be worth hearing for that alone. I do like Trey in these early Harry jams, but he is not at his best here.