Thanks to Alea who pointed out this interview with Trey from Relix magazine. He had this interesting comment:
I [had] completely lost my perspective on everything. That's the most important thing to realize-there was no perspective anymore, being in the middle of this whole thing. I started to almost resent it, because deep in my heart I had other things I wanted to do and I could not get out. It was so hard to get out at the end, based just on all of those things.Some good stuff in that article. Take a peek.
There was a thing that had built up around Phish that was safe. Safe and easy. For a lot of people it was comfortable and fun and all that, but at the same time, I was getting completely exhausted and it was almost like trying to live two lives. Which is the way I felt in my heart, and trying to continue to do this thing to maintain the status quo for everyone that wanted it to continue to exist... So I derailed it.