Listen to ALL part below
The 12 string guitar continues through the verses as well as the intro. When you listen to the above MP3 example you can hear up to 7 guitars playing at once. Playing this in a standard band would make this a difficult song to add to the repertoire. That's why you don't see too many bands play it (or play it well).
This muted guitar plays through both verses, it has no note or tone value, it is purely percussive.