One myth that bothers me is that you need large hands to play the guitar really well. This is NOT true. In fact, Shawn Lane and Michael Romeo both are (were) examples of fat guitarists with chubby little hands. But MAN, their hands can fly! Anyone who ever says they never bothered playing guitar because their hands are too small is full of crap.
I'll post more myths when I think of some. I know there's plenty more.