Obviously, the main reason it gets so much praise is the first set. And its well deserved. AC/DC->Psycho->JJLC is one of the coolest sections of Phish EVER. No doubt. The other highlights you mentioned are spot on, but I think the entire set is a highlight. Its perfectly balanced, and there’s not one note played that feels out of place. MMGAMOIO is a great bluegrass tune with perfect placement, and Ice->Steep->Ice is executed flawlessly. I like versions of Ice after 95 a lot more, because it became more of a rare treat. Its Ice became too standard in 94 and 95 imo.
When people say this show is epic, they are probably thinking about the first set.
This show is a case of Phish setting the bar too high in the first set! I mean, what could they have done in the second set to match the first? I’ve only listened to the second set once or twice, while I’ve had disc 1 in my cd player at least 50 times.
So, yes, it is overrated as an entire show.