I love Satch and would call him a shredder 'cause I've heard the bells of Lal, crushing day and a heap of other tracks with technically awesome solos. I saw him live and he doesn't duff a single note, it's humbling.
Malmsteem has an awesome tone and sweeps in a horrifying manner. So many people diss him but I think that's only because they're jealous and they think that other people will think they must be great if they cab diss him. That said I do think he's a bit repetitive.
Pettrucci. !!! Fabulous.
Good shredders not mentioned so far:
Glenn Tipton, ex. Judas Priest. Baptism of Fire has several of the best guitar solos I've ever heard on it.
It combines great melody with technique that exceeds practically any shredder you care to mention. Also he plays with Billy Sheehan, arguably the best bassist in the world.
Allan Holdsworth (anybody with that level of technical resource must be regarded as a shredder even if they don't generally play distortion guitar). Crazy jazz legato runs flipping through tons of scales and harmonies. The thinking guitarist's guitarist.
Vinnie Moore. Great rock guitar shredder who can also play fine acoustic tunes.
Nuno Bettencourt. Extreme split up when Gary Cherone went to play for Van Halen. Personally I think that was a waste. I prefer Nuno to van Halen, he's a humongously gifted guitarist.
Trey Azagoth. Morbid Angel lead guitarist. Saw a clip of him on Noisy mothers. Great tone with tons of dark soul. Awesome tapping and immaculate picking.
Bad Shredders:
Steve Vai (yawn) too much wah and whammy bar, I find it overstated and un-musical. Great technique but so what.
Rusty Cooley. Possibly the most technically awesome guitarist I've ever heard and it drops my jaw but it's not what I'd call musical.
Michael Angelo. I saw him play a solo during some horrible 80s hair metal thing with totally cliched lyrics. He played this four necked cross shaped guitar that was lowered to him from the ceiling. Ambidextrous over hand playing looks awesome but it didn't do much for me. Anyone with real musical integrity would avoid such a cheesy band.
If I couldn't laugh at myself how could I laugh at someone less ridiculous?