Hey there--This article is actually the first in a series of articles I'm doing on Phrasing...so I'll have more to say and specific examples when those come out.

But to answer your question--I think the key elements when I think of phrasing are things like: Timing, rhythm, note choice, articulation, ornamentation, etc. I don't think that just because someone plays at a high velocity that they lack phrasing skills...not at all. There are some great players out there who play extremely fast with many of the elements of phrasing I mentioned above. Conversely, just because someone plays slow and uses vibrato and bends doesn't mean they have good phrasing.

I just think that a lot of players try and cover up their lack of phrasing skills by trying to impress us with their speed.

I'm not sure if that's getting at your question or not--I don't really think of phrasing in terms of fast bits connected to medium bits, connected to slow bits. To me, it's all about context, timing, note choice,etc...regardless of velocity.

Hope that makes sense.