"Although generally regarded as one of the Incredible String Band's sub-standard efforts, Changing Horses has an appealing looseness and sense of fun which nicely balances the often over-serious nature of the band's always strange mix of English folk and psychedelia ... This version of the Incredible String Band includes two women, Rose and Liquorice, who add some nice, high vocal harmonies to the standard Mike Heron/Robin Williamson sound. Rose also contributes some nice tuba-influenced electric bass work throughout the album. Changing Horses has a distinct lack of memorable songs (with the possible exception of Williamson's "Mr. and Mrs.," which, because of its raw production, organ and guitar work, bears a striking resemblance at times to the Velvet Underground) but, due to the group's willingness to take chances, bears repeated listenings".