The New York Rangers hosted the Philadelphia Flyers last night, and for the second time in less than a month, they fell in dramatic fashion, losing 3-2 in overtime to the Atlantic Division’s leaders. And although the Rangers have improved tremendously this season, it is clear they’ll need to raise the level of their play even further if they’re to overtake the resilient Flyers.

The last time a hockey game played at Madison Square Garden carried as much significance as last night’s tilt, the two teams were doing battle in the 1997 Eastern Conference Finals. That series ended when Eric Lindros buried a backhand past a fallen Mike Richter, and both teams have been remodeled extensively in the years since. One thing that hasn’t changed, however, is the energy of the rivalry, and the crowd remained at a fever pitch throughout last night’s exciting game.

Early in the first period, recent Flyers acquisition – and former Ranger – Petr Nedved was assessed a two minute boarding penalty for a hit on Martin Strikethrough the Rangers did not score on the ensuing power play, they did put considerable pressure on the Flyers. On the Blueshirts’ best scoring chance, Jaromir Jagr was robbed by Robert Esche when the American netminder made an uncharacteristically acrobatic save.

The Flyers generated a number of high-quality scoring chances of their own, particularly during a two-minute stretch while Rangers defenseman Jason Strudwick was serving an interference penalty, but goaltender Henrik Lundqvist was consistently up to the task, smothering the puck and allowing precious few rebounds. Lundqvist started his sixth straight game – and 10th of the last 11 – and it is clear that the excellent rookie has assumed the reins as the Rangers’ de facto starter. To head coach Tom Renney’s credit, he’s managed to anoint Lundqvist without much fanfare, thus significantly reducing the pressure on the young netminder.

With just under two minutes remaining in the first period, the Rangers struck first, when Jagr took an excellent feed from Martin Straka and fired a wrist shot past Esche. The capacity crowd cheered wildly, celebrating both the Rangers’ goal and the Blueshirts’ dramatic return to competence. It’s been nearly nine years since the Rangers last experienced the postseason, and the fans’ excitement has continued to build as the team moves closer to clinching a long-overdue playoff berth.

Shortly after Jagr’s goal, the Rangers got another power play opportunity when Flyers winger Turner Stevenson was sent off for hooking. They got a couple of high-quality scoring chances, but Esche was up to the task, demonstrating that he’s finally regaining the form that enabled him to seize the Flyers’ starting job during the 2003-04 season.

Esche appeared to tire as the game went on, however, and a number of his saves later in the game were close calls – where the puck deflected off his glove and just past the goal – but his play remained solid throughout.

The Flyers spent some more time in the penalty box in the second period, when forward Brian Savage was sent to the incarceration chamber for high sticking. On the ensuing power play, Jagr drove to the net and delivered a beautiful pass across the crease to a streaking Straka. Straka missed a wideopen net, though, and the Blueshirts missed a golden opportunity to take a two-goal lead.

Though the team’s play has been generally exemplary of late, one Ranger has been quite disappointing.

After getting off to a career-best start, winger Martin Rucinsky has become quite a liability in recent games, frequently losing his spot on the point of the power play following awful gaffes that led to odd-man rushes the other way. He’s also taken many ill-advised penalties recently. Last night, he was called for hooking just under eight minutes into the second period, and it took a great glove save by Lundqvist on the Flyers’ fabulous Finnish defenseman Joni Pitkanen to preserve the Rangers’ lead and kill off the penalty.

Rucinsky earned some redemption in the third period when he converted a pass from Sykora on a 2-on-1 break, burying the puck past Esche to give the Blueshirts a 2-0 lead. But the advantage was quickly reduced.

The Flyers responded with a goal of their own just two minutes later, when Pitkanen fired the puck past a screened Lundqvist from just inside the blue line, and the Rangers’ lead was cut back to one.

The Rangers passed a critical test with just under five minutes left in the game, when Darius Kasparaitis was assessed a tripping penalty. The Blueshirts remained persistent throughout the man disadvantage, challenging the Flyers’ puck carriers and completely neutralizing Philadelphia’s power play. And when Kasparaitis exited the penalty box, the crowd erupted with the belief that the Rangers would soon claim victory, but their joy was to be short-lived.

With 1:38 remaining in the third period, Flyers rookie Michael Richards deflected a shot from defenseman Freddy Meyer IV, tying the game and sending it into overtime.

Then, less than 90 seconds into the extra session, Pitkanen rushed into the Rangers’ zone and fired a laser past Lundqvist to give the Flyers the comefrom behind victory.

Last night’s match-up certainly served as an important barometer for the Blueshirts, and wasn’t without its bright spots. They demonstrated beyond a doubt that they have what it takes to play with the Flyers. Put simply, they deserve to be considered among the Eastern Conference’s elite teams, and hinted that they still might be able to overtake the Flyers before all is said and done this season.

But it’s also worth noting that the Flyers’ team at the Garden last night was significantly depleted, particularly at center and on defense. Both Peter Forsberg (groin) and Keith Primeau (vertigo) missed the contest, as did top-four defensemen Kim Johnsson and Eric Desjardins. Yet the resilient Flyers remain the team to beat in the Atlantic Division, five points ahead of the Rangers following last night’s game, and that is unlikely to change anytime soon, at least not until after the upcoming three-week break for the Winter Olympics.

Mr. Greenstein is the editor-in-chief of InsideHockey.com.