IMO a good guitar player does not have anything to do with technicallity ( to some extent). U r a good guitar player when u can turn on the radio and automatically kno the sound of the guitar and whose playin it. Here are some examples.

1) Jimi Hendrix.. u always kno it is him when he plays.
2)Stevie Ray Vaughn... he has an unmistakable sound.
3) Jimmy page... when u hear a riff of his... in a second ur sayin "thats led zepp"

Those r just "some" examples.

With theory and non theory.... it doesnt really matter tom me... as long as ur a good player it does not really matter what u kno... some non theoritic players r better than those who r educated.