The version I saw, I think it was just two bands who respected each other trying to share a moment. It was pretty funny because it was so off the cuff.
I suspect the one the Cat posted is from one of the charity concerts ... not sure, because it's blocked. And I guess the version I saw is too, now, because I can't find it anywhere.
I agree it's not one of Neil Young's better efforts, but I don't think it was ever meant to be anything but a fun rocker.