Sounds like he's running the guitar through a Leslie speaker cabinet (or a simulator of some kind), throwing a lot of reverb on it, and then adding a panned delay, but I could be way off.

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I agree with kaptkegan, its sounds to me like weak overdrive on a tube amp or pedal that is run through a good reverb and set up with one awesome delay sim. Oddly enough, for some reason the tone reminds me of a Fender Blues Junior turned up to about 6.5 with the tone knob pretty high to bring out the treble, then mic'd and then put through an analog delay and reverb.
it sounds pretty badass. and also pretty damn hard to repeat.
Thanks for the responses. I see I will hardly be able to recreate something like this.