I've no idea how RC can play so friggin fast when he lifts his fingers so far from the strings! He's amazing, you can't deny him that.. But who cares, i wouldn't listen to him for more than 30 seconds.
But i don't hate aimless shredders as much as floyd rose abusers - people who run out of real musical ideas, so they pointlessly wank their guitars, thinking that someone might actually enjoy hearing the sound of a drowning duck blasted through a million watts of amplification. Every ten seconds.
I could give names, but it would be blood in the water for fans of this guy...
Back to the topic, in terms of balance between shred and real melodic playing, John Petrucci is the real winner, IMHO - check out the G3 dvd in Tokyo 2005, the guy is GOD, anyone who can shred like a demon AND sound like Dave Gilmour solo at the same time gets my vote.