1) Quite the contrary to the precision of guitar parts in today's productions, there are lots of guitar noise, mis-fretted chords, and ghost notes in the song. We'd probably never let a lot of these things get by today, but it certainly didn't hurt anyone's enjoyment of the song in the 30 plus years since it's been recorded.
2) Pete Townshend's guitar has a nice long delayed reverb on it that really sounds good.
3) Listen to the dynamics of Pete's playing; everything from a whisper to a power chord, all on the same part. Once again, this is probably not the way we'd do it today, as we'd use multiple tracks with different passes and maybe even sounds instead.
4) This track sounds pretty much like a single take except for the audible punch at about 3;00 coming right before the bridge out of the solo
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