I would say that it is more important to play with feeling than with speed. To be perfectly honest I do admire in a sort of sense those who are able to play fast leads and such things, yet music is much more, music is made to be enjoyed and felt, not necesarily to be slashed through. In my experience I would say that if you play a song with feeling, the correct timing will be reached no matter what, you just have to give it some time. I have had the same discussion several time, and I have reached the conclusion of fu.. whoever does not like my sound, as long as I am playing the song the way I like to play it, its fine with me. Generally I'd say go with the middle; I believe that both speed and feeling are important in their respective parts in playing the guitar, those who achieve this are the truly good players.