Very cool little riff. Since I built a Tele a couple months ago I've been trying to learn stuff like this so I can improve my hybrid picking. I dove straight into Albert Lee's Country Boy...should have picked something easier.
This style, lambasted by many a rocker my age, teaches you so much about melody, harmony, and rhythm. It is the "western" bit of old C&W. A fair amount of pre-bop jazz.
Read a great story about Jeff Beck. He was recording in Nashville once during a Yardbirds tour and as he
was leaving the studio an old janitor asked him to check out his guitar. By the time he gave it back a few
minutes later Jeff was ready to quit.
EDIT: My memory is going to shit. It was a Ritchie Blackmore interview.
Mentioned in this post from 2001.