Maybe this is stating the obvious, but from some of the choice I've seen so far in answer to the original question, I guess not....
Shredding in an of itself is stupid... Yes, you can impress people, and even be considered great, but IMO, to be considered in that upper eschelon of whom I consider "THE BEST" there must be emotional content behind each note, no matter how fast.
I also agree with what some have said about how once you reach a certain level ability, it becomes impossible to compare...at that point it becomes a question of taste.
So just for fun, here are some of those that *I* consider to be in that upper eschelon: (note, I'm not saying they're BETTER)
Mike Keneally, Al DiMeola, John Petrucci, Daniel Gildenlow are some of my favs.
Also, the best person to ask would obviously be MJR himself...according to his video, Allan Holdsworth, Shawn Lane are influences of his. And then of course there's Yngwie. Now from some comments I've heard, Mike seems like the kind of guy that will keep on idolizing Yngwie's playing til the day he dies...just a sign of his humility I guess, cause here's one case where (IMO) the student has FAR exceeded teacher.
Well, that's all I have to say about that...
-Paul