The Hype: I wasn’t going to get burned twice. This time it was my fault, though. I waited for the man, just not long enough. Thursday afternoon’s all-star tribute to Lou Reed was slated to feature everyone from My Morning Jacket to Sonic Youth’s Thurston Moore and Dr. Dog — and, of course, Lou himself. Like the previous day’s MOG party, where Lou was in the house but never made it to the stage, Reed was clearly visible backstage at the tribute, but it was anyone’s guess if he’d make it into the spotlight.

The Show: Singer/songwriter Ezra Furman really got things in the groove with a solo acoustic take on the classic Velvet Underground drug tale “Heroin.” Strumming furiously and practically yelling the line “I guess that I just don’t know,” Furman won the attention of a toe-tapping Reed, who was standing in the side stage area looking on attentively … that is, when he wasn’t snapping pictures of the audience and the phalanx of photographers snapping pictures of him.

Yo La Tengo did justice to the VU’s “She’s My Best Friend,” with bassist James McNew singing it as if it were a sugary pop tune. Guitarist Ira Kaplan attacked “I Found a Reason” with a fury, ripping off sheets of squalling guitar noise and rubbing the back of his instrument up and down his thigh as if he were trying to scrape off a colony of fire ants. Dr. Dog did a kind of sunny, Beach Boys version of “Who Loves the Sun,” and Moore, Moby and My Morning Jacket were also scheduled to play when we had to make the heart-breaking call to jet off to another venue.

The Verdict: We messed up. Not only did a fellow attendee later tell us that Moore was the ace act of the day and MMJ killed it with typically meandering versions of “Head Held High” and “Oh! Sweet Nuthin,” but Reed himself came out and reportedly traded verses with Moby on “Walk on the Wild Side” to wrap up the show. Oh, Lou!

Keep checking in with You R Here for more South by Southwest coverage throughout the festival, plus there’s plenty more over on our sister blog, MTV News’ Newsroom.

Check out all of Gil Kaufman’s uploads at yourhere.mtv.com…

Want to see your photos and concert reviews here? Register at yourhere.mtv.com and start uploading!