Trey is subtleing playing around with the rhythm he's been laying down. Mike is still implying the chord progression, but has taken a few liberties here and there, filling in all the spaces nicely. Fishman has all the while been keeping the beat simple, restraining himself. He sounds so solid though. He and Trey have hooked up tightly.
Page begins soloing with a little more emotion, giving the jam a little more direction.
At about this time, Page starts playing higher up in the range. He begins exploring a very nice theme, almost spacey sounding. Mike is simplyfing the bass line a little. Fish follows Mike and lays down the groove in a more restrained manner. At this point, Page changes his sound to a real down home twang.