If you don't hear the bar being raised anymore, you haven't heard much guitar playing.
If you're considering new as 1980+, then lets take a look at just a COUPLE.
Greg Howe - Continuously raised the bar on every album he's put out since his first album.
Shawn Lane - BROKE the bar
Frank Gambale - Once again, practically broke the bar.
Tony Macalpine - I have an instructional pamphlet he put out in the early-mid 80s. Some of the techniques in there were at least 5 years before their time (at least before I heard them on any albums).
I own most of Satriani and Vai's work, and although its good, I don't see whats so groundbreaking or new about it.
Hell, Kirk Hammet has influenced many people on this board, but no one is going to seriously say he's that incredible a player, its just his music is more available to the average person than that of the people that were really changing how the guitar was played.
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