now in order
1.Jasun Tipton (Zero Hour)
First because of four reasons. His technical skill is immense. His melodic approach is fresh and musical. His ability to think outside the box of typical guitarplaying is progressive. And not least, he's one of the nicest dudes on the planet.
2.Alex Lifeson (Rush)
Second, because of Jason's skill and originality. Second because his playing is soulful, skilled, and his sound is legendary and sweet.
3.Dave Gilmour (Pink Floyd)
Third because of skill, yet third because of originality and smoothness. Nobody is as liquid as Dave, except maybe Piotr.
4.Neal Schon (Journey)
Not as original as the top three. But he's got chops, and he knows how to use them tastefully to tear up a screaming melody line with confidence. You can hear the "I know what I'm doing" in his sound.
5.Carlos Santana (Santana)
Up here for the influence he lent to the instrument for so many. Yet, unlike other major influential players, Carlos gives more. His foundation for underpriviledged, his amazingly smooth sound, and his ability to make his instrument truly speak put him in the top five.
6.Piotr Grundzinski (Riverside)
The up and coming. Piotr could easily be Dave Gilmour's future rival. This Polish guy has a great sense of melody and atmosphere, and uses his ability to pull you into his world.
7.Mikael Åkerfeldt (Opeth)
The Ålmighty. He's got insane riffs, which he can deliver death metal vox over at the same time. Mad props. He's also a great guy, and no fool when it comes to the history of prog music and death metal. Mike will school just about anyone in obscure bands from the 70s.
8.Steve Rothery (Marillion)
Melody king. Not only has this dude the skills, he has improv down. The solo on Easter was tracked just once during an informal rehearsal, and that hit the record.
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Why Steve Vai, Petrucci, Satriani, etc don't make this list: They recycle their own riffs and aren't all that innovative, save Vai. Vai's got the innovation, but again, once he comes up with something new, he uses and abuses it to death. He doesn't really have a great songwriting ability either, though for fast paced virtuoso riffs and wild tremolo effects he wins hands down. Petrucci is incredibly overrated, just another fast metal guitarist. Satch has more songwriting skill than Vai, but hasn't contributed much memorable work since his early years, which were great. Also like Vai, he reuses a lot of riffs and technique-tricks ad nauseum. What about MJR you say? See "Petrucci". I await the flames for such comments. Same story for Yngwie and players like him. Oh, and he's also got the "asshole factor" against him. (See Tipton).
I'm not going to get into Jazz and Fusion, because then my top 10 would become a top 30.