Gilmour has been quite open about why they released this. I haven’t poured over every Gilmour interview the way I would have 25 years ago when I would sit in my room trying to get my acoustic guitar strumming to sound exactly like the recording of Fat Old Sun but I gather that it comes down to a couple of things.
First he has admitted that he isn’t as “precious” as he used to be about the state of recordings released under the Pink Floyd name. He’s come to realise that the really serious fans will get hold of all sorts of stuff and that he’d rather they had the best quality recording available instead of something that’s been copied multiple times on analogue equipment. So we start to get releases such as a special Wish You Were Here that includes live versions of Shine On, Raving and Drooling, and You Gotta be Crazy, the latter two became Sheep and Dogs for the Animals album. In the past that kind of material was only available via mediocre quality bootlegs. He’s come to terms with the idea that it’s ok to have imperfect material floating around as long as it’s the best imperfect material available.
Second they wanted to give tribute to the role that Rick Wright played in the band. I think he probably feels a bit guilty for taking Wright for granted when he was alive.
I haven’t had a really good listen yet, so far it’s been in the car on my commute and a couple of tracks have only had one listen, but I think it is an album for die hard fans. It’s for those who have 10 different live versions of Careful With That Axe Eugene in their collection and probably know more about the band than the band members do.
I think it’s nice to listen to and it’s interesting because it’s a bit of a look inside the song writing process, however it really is just a collection of polished Division Bell out-takes (with the exception of Louder Than Words which is a complete song.)
You can hear that Gilmour had a couple of new toys when they were recording The Division Bell, the Digitech Whammy pedal which he used for the octave “bends” on Marooned and an E-bow which features prominently on Take It Back. The presence of the same toys in the Endless River definitely dates it to the Division Bell era (not a bad thing IMO).
You can also hear that a song starts with a musical idea which is then added to, fleshed out etc. Sometimes one musical idea might be finished off by combining one or more others. Echoes is a very obvious example of this but there would be lots of songs that came about from two or more separate ideas that later become verse, chorus, bridge.
The Endless River reminds me of what I get when I sit down with my guitar, my keyboard, and my Roland RC590 looping pedal. I end up spending 30 minutes or more noodling around, over, under, and through a single musical idea. The end result is something that might sound great, there may be some really nice moments in there, it may have been lots of fun creating it, it may never be possible to create something quite the same again, but ultimately it is a single idea that leaves you wanting a lot more. You want it go somewhere, to get some resolution. It never does because it’s just a single moment in time, existing without having been put through the process of being turned into a “song”.
So the Endless River is, IMO, one song at the end of a polished up collection of musical ideas. That’s not to say it is bad (as I said I think it’s a nice listen), it is just not what you might expect from what’s left of Pink Floyd.
I think it’s good that it was released. Gilmour has had enough of Pink Floyd. There will never be another Dark Side of the Moon, or Meddle, or Wish You Were Here. Even if Waters, Gilmour, and Mason were to work together again, it wouldn’t be like the 1970s. You can’t recapture those moments and I think it is futile to try. There was some left over material from the Division Bell and it didn’t have a home. Rick Wright has died we will never hear anything new from Gilmour, Wright, and Mason. So it’s nice that they saw fit to give the fans what they could. I think it is a tribute to Rick Wright and a tribute to the die-hard fans who know what model transistors each of Gilmour’s Big Muff pedals have. It is not for the casual Floyd fan and I think in this case the definition of “casual” is broad.