Yes, Jeff is really good and the sloppiness of that solo is uncharacteristic. I assume Phil is that other guy. I found his solo cliche and unappealing. Prince's isn't mind blowing, but there is some cool bits and it's deliverred with gusto and flair. He can't build to a climax because Tom and Jeff keep on coming back with vocals. THAT is how it is so much better - it fits the arrangement, enhances it without distracting from it or stepping on it's toes. He's not just wanking, he could do more crazier shit, but he doesn't, because the song would suck a bit more if he did. I winced at a few points in that Jeff Healey version where it felt like the soloists forgoot that there was a rythmn section still chugging along behind them; not so in the tribute version.
As for tone, whatever, it's subjective and a matter of such minor degrees of difference. It's not a bad tone, but yeah, probably not holy grail tone. We're talking about playing skill - don't confuse the two.