@MultiBeastMode said:

I'd been thinking that an analysis of the ">" and "->" frequency, plus the number of songs in a show and the length of a show (would be harder to get that data), would be fun to do.

Yeah, for the past several years I've been of the opinion that the best "two-set plus encore" Phish shows were 2.5 hours long and had 17 or 18 songs. I tried to put a non-linear (quadratic) term for # of songs, but the linear term was best. Instead, it's pace and flow (the ">" and "->" segues) matter a lot, plus things that I can't measure in the model: song choice and set placement, and improvisational magic.

I'm actually rather pleased that the model works to some degree (setlists do convey good information) but that they don't capture everything.