There's really no doubt that Vai is the best guitarist. His technique absolutely blows Satch away. The reason I put Satch down for best musician is that he has the ability to compose great melodies, which are what songs are really all about. Melodies are what make songs what they are, and all the fast crap is just filler and variation on the melody.

A melody is something you can hum along with and remember once the song is over, and Vai doesn't really play melodies. I have his ALS video and the G3 video. While he certainly knows how to work a crowd and displays some incredible talent, I have a hard time remembering anything he plays once it's over. Whereas with Satch, I can hum and remember the melodies for the Summer Song or the Forgotten long afterwards.

As for Malmsteen, I don't even know what he's doing in this discussion. He's pretty much a has-been, neoclassical wankmeister who never amounted to anything.