I won't go as far as @n00b100 and declare this my favorite version, but it's pretty far up there and is definitely my pick for best post-95 Bowie. Fishman's playing in this jam has awed me many times.

n00b100 has already said what I wanted to say. This is one of the best (IMO) "sandwich jams" I've listened to. Jon, in particular does a really great percussive groove near the end of the first Bowie jam and Trey and Page are playing magnificently with each other. Then-BOOM-a Cities! Except this isn't the super-slow funk fest Cities that became the staple of the '97 sound, this Cities is super-tight, fast and groovy Cities.

And then...out of Cities itself, return to Bowie! The segues in this super jam (30 minutes all together) are near flawless and the execution is patient as ever. How could they have left the Bowie unfinished? Phish delivers with this one as per usual. A great jam from Summer '97 Phish and one for the ages.

It might not surprise you, given how much I skew towards late 90s/2000s Phish, that this is my favorite version of this tune; still, given how good it is, I feel pretty comfortable with my choice. There's a lot going on here - the extra-long intro, the faux-reggae bounce halfway through the first run at Bowie, a ferocious Bowie jam proper, and that sudden left turn into an upbeat electro-rock groove that molds itself into Cities, not to mention the actual return to Bowie itself. One of the best, if not the best, jam of the great Summer '97 tour.