Lets face it - it doesnt take talent to shred. Its nothing more than a athletic attribute. I stand in awe of a good shredder the same way I'm in awe of, say, Lance Armstrong.
With that said, to be a more versitile guitar player/song writer you should be able to shred to a degree.
"I want to maintain enough technique to convey any type of emotion that comes up in my songwriting." -Paul Gilbert