People tend to think the faster you are, the bet guitarist you are. If you can put a nice solo that could possibly sound better into a song, thats all that matters.
I've been playing for about 5 years, and I'm one of the best guitarists around, and only half the time I play for speed with a band. All that matters is making it sound good.
When I write solo's, I get the basic guitar riff recorded on the computer and I just try different things.

Take this song of mine for example:
http://members.lycos.co.uk/panterasdmf/Tyler_Kingston_and_Grendelus_Inc_-_Forgotten02.mp3
(Right click, save target as)...(The vocals and bass were made by a guy I met through a Zakk Wylde message board)

I didnt use any speed there, I just improvised, first take. And I think I did pretty well on it.