I can tell you this. I feel like I have a limited vocabulary. I can play my limited vocabulary over a wide variety of styles and more or less fit in. But one fear is that this particular band, as talented as they are, I would be playing the same thing over and over without a break in musical styles. The tribute band is a "Southern Rock Tribute" band. With the concept of doing more B sides covers or less often played songs by the popular southern rock bands with a handful of the popular songs included to keep the wild throngs happyI think the style (genre) has more to do with the viability of a tribute band, than does the fact that they are "faithfully" reproducing the original artist. Some styles of music tired more than others. And, some music has large, loyal followings of people who fuel tribute bands.
For example - a couple of tribute bands that are wildly successful: Get the Led Out and Australian Pink Floyd, both have a product that many people want to see, over and over and over. They sell out large halls regularly, and tour eternally. People in large numbers want to hear/see them both. It's like watching the albums being created. Personally, at least with these two bands - I enjoy it.
But, maybe it's because I've seen one too many shit live Zep shows, so.... LOL. You can have that shit. Gimmie the record and we'll get on with it.
Close to home, as mentioned previously, my wife's tribute band fills halls, casinos, theaters - every show, all the time, everywhere that they play. People LOVE Neil Diamond. Why? Beat's the fuck out of me, but they do. Lot's of them. They want to hear it - note for fucking note.
Maybe incorrectly, but I imagine a jam band as more than just "jamming". Like Vic says, there is a lot of things that can happen, much like in mainstream jazz live performances. Sadly, that often does not happen, however. But, if things line up correctly, I might find it more fun than playing Money or STH every fucking night - even to wild-eye, die hard fans.