There are a lot of really great guitar players out there today, and while I'm a little bit biased I have 2 favorites. Adam Jones of Tool is definitely one of them. By NO MEANS is he the best guitar player by skill, but he uses some of the COOLEST effects I've ever heard, and IMHO is one of the most creative riff artists in the business today. Also, Billy Howerdel of A Perfect Circle is simply amazing. Never misses a beat live, and he's been a guitar tech for not only Tool, but Nine Inch Nails, Fishbone, and several other artists. When you can replicate other artists music identically, that's raw talent.
As far as skilled, technical players, the following are some of the best I've ever heard.
Joe Satriani
Steve Vai
Eric Johnson
Yngwie Malmsteen
Steve Morse
I'm REALLY surprised no one has mentioned steve morse of morse band. He's one of the best players I've ever heard.
I'm not surprised to see that many people feel Jimi Hendrix is one of the best players ever. I personally think he was horrible. Sure he was inventive and creative, but what he did, he didn't do well IMHO. Don't even bother flaming me, because this is all in my opinion, and I understand many of you have very different ones, which I respect. Don't waste your breath restating what you've already said, Hendrix is the most overrated player ever.
dm