Out of all the Phish albums I've heard (Junta, Picture of Nectar, SoTG, and Farmhouse) this is the most consistent and overall best. (Junta doesn't really count as studio, if you ask me. Not to say it's not a brilliant album.)
The one weak song on the album, "Water in the Sky," isn't really a bad song, it just disturbs the flow of the album. The overall feel of the album is amazing. It's got this kind of dreamy, laid back feel... good for laying in bed, just staring at the ceiling. (You know, when you're just laying there, thinking about random stuff before you fall asleep? Yeah.) There's the upbeat, often very funky songs ("Ghost," "Birds of a Feather," "Meat," "Moma Dance") the laid back, simplistic songs ("Fikus," "Shafty," "Frankie Says," "Roggae") progressive rock ("Guyute") and the ballads ("...Velvet Sea," "Brian + Robert.") The best thing about it is how, genre wise, it twists and turns all over the place, while sustaining the same overall mood. It just kind of flows in and out, there, but not really there. If you're new to Phish, this might not be the best place to start, as it isn't their most accessible, but for casual fans and people who just like good music in general, "Story of the Ghost" is the one essential Phish album. Although I'll probably be argued out of this statement, heh.
PS: Dave, the whole idea of the album is maintaning a kind of "dreaming" mood. It's supposed to be confusing.