Listen, good advice has been given here, but what Christopher posted is pure gold. He's absolutely nailed the heart of the issue. Here's a link of what I think is exactly what's he's talking about:
http://www.youtube.com/watch?v=eVpx01rkPhY
Make sure you watch to 1:05... prior to that its what I call "scribble guitar"; its all flash but that's part of Schon's showmanship. But then at 1:05... whoaaaa... where does that come from? Suddenly there's a melody... the audience has a real chance to "feel" what he is playing and connect with the music emotionally. By the way, listen for that really nice synth pad that supports the whole thing.
I just can't agree more with Christopher about the making music idea, and being melodic. I know Caponi you're a huge Slash fan, but keep in mind he's best known for "Sweet Child O' Mine". That song made him famous, and while its not his most technical or challenging song, it is perhaps one of his most sincere efforts in my opinion.
I think in a odd way, its almost harder to slow down, use fewer notes, and really allow your playing to stand on its melodic merits than it is to just blaze away so that everyone says "well, he MUST be good, look how fast he plays". But there is a time for everything, including cutting loose, so hopefully you can be one of those players that knows when to let it all hang out, and when to reign it in. I think you're well on your way, but maybe you have to ask yourself, is it really just about how fast you can play? Is that what you're really looking for, or maybe just more substance over-all?
Keep up the good work!