My CURRENT favourites, in no particular order:
Tommy Emmanuel - solo
(I actually prefer his electric stuff, but it's all good. He's almost fast enough to be considered a 'shredder', but prefers to be melodic. and he's Australian! :D )
Steve Morse - Steve Morse Band, Dixie Dregs, Deep Purple
(Technical wizard, love his solos and playing style, did the most groundbreaking prog music ever with the Dixie Dregs, and made Deep Purple heavier than ever! Awesome)
Daron Malakian - System of a Down
(Innovative, crazy riffs. Not really technichal, but it sounds cool)
John Petrucci - Dream Theater
(Brought prog to the masses, shreds like a beast, but is an AWESOME melodic player)
Adrian Belew - King Crimson, Frank Zappa
(Melodic, innovative, technical. Quirky in an good way.)
Paul Gilbert - Racer X, Mr Big, Solo
(He taught Buckethead! Enough said!)
Buckethead - Too many bands to name.
(One of the most diverse, talented musicians EVER - He would release an awesome shred metal album, and then release an awesome, entirely acoustic album. The most innovative shredder in the world. God)
Ritchie Blackmore - Deep Purple, Rainbow
(Defined the sound of Deep Purple. For me, he played a bigger part in inventing shred than Yngwie. Love the sound, love the music.)
There are heaps more, but I couldn't be bothered to write about them.
