That’s why it sometimes seems to me that music theory is one of the most despicable disciplines there is, because you’d probably label the bass of that magical chord a “passing tone,” and once you’ve labeled it a passing tone it’s a bit deflating … doink!, it goes in the bin with all the other passing tones. Somewhat like passing through Trenton on your way to Philadelphia: unremarkable. In the same way, once you call something Spaghetti and Meatballs, it doesn’t necessarily follow that you’ve understood anything about pasta, or that you should serve it to paying customers, or why a pianist might eat such a ridiculous thing before a concert, or any of the related questions that might come up. But Bach had that way of using passing tones so that you could meditate on the passing-ness of things, what it is to pass, to move on, to leave beauties behind … of labeling the labels with meaning, breathing life back into the most basic, even the most unassuming, words.
Notice that right after Jeremy criticizes music theory for labeling a note, he uses that exact label to explain his interpretation of the beauty of that note. It is indeed a lovely passing-ness, and yes it is different from other passing tones. But it is still a passing tone, and that identification of the context is what helps to figure out why the previous chord can be interpreted as existing in two worlds, or two time-lines.
My guess is that Jeremy would correct himself that he meant "bad" music theory, the kind that does indeed stop at labels without providing any interpretation. I know those kinds of music theory classes exist, for two reasons: 1) The classes are so huge that the teacher has no time to get beyond the basics, as the prospect of grading 100 analytical papers for a single class is very daunting. 2) The bad theory class is taught by a studio professor whose only theory training was another bad undergraduate theory program. The teacher finds him/herself teaching a subject s/he hates because s/he didn't recruit enough bagpipers to fill the studio. However, too many people read these statements, or make them themselves, and start forgetting the crucial "bad", blaming the discipline instead of bad teachers.
So, don't hate the game, hate the bad playas.