I have to second Ron Thal - easily the most competent electric guitar player alive today. The guy is soo good, it should be illegal although he is a bit out there and most people can't really appreciate what he's doing.
Mattias IA Eklundh is pretty much a step behind technique wise but he is an awesome composer and doesn't show off as much so he's more accessible to the casual listener.
Also check out Frederick Thorendal, Blues Saraceno, Chris Brooks, Alan Lennon and Francesco Fareri.