I don't really listen to much metal, hard rock, or "jam bands," so this list may have some glaring omissions, but here's my take anyway, throughout the years:
CHUCK BERRY: Not really sure if underrated, but doesn't seem to be given the credit he deserves among the general music listening public. I believe Keith Richards once said that his riffs were basic reworkings of Chuck Berry riffs.
NICK DRAKE: Listen to his final studio album, PINK MOON. With nothing else except an acoustic guitar and his voice, and "distortion to cover his ass," his acoustic guitar playing ability really comes through, especially in songs such as "Road," "Pink Moon," and "Place to Be."
LOU REED/STERLING MORRISON: More than anyone else, they created the sound of guitar-based Indie/Experimental/Punk Rock during their days in The Velvet Underground.
ROBERT FRIPP: Just listen to his guitar work on Eno's HERE COME THE WARM JETS or the David Bowie song "Heroes" to get an idea of this guy's glam-meets-avant-garde guitar brilliance.
TOM VERLAINE/RICHARD LLOYD: Listen to Television's MARQUEEN MOON and chances are technically, you may never hear two guitar players complement each other better.
BERNARD SUMNER: If you want to hear the definition of "buzzsaw" guitar, just listen to either of Joy Division's two studio albums. The sound he gets from his guitar on songs such as "Shadowplay," "Day of the Lords," and "Atrocity Exhibition" can cut through steel.
JOHNNY MARR: In the US, not as many people know of this guy, who was as equally important as Morrisey for defining The Smiths' trademark sound. Redefined guitar pop like no one else.
JOEY SANTIAGO: Virtuoso? No way. Avant-garde noise-guitar genius? Nope. Technically proficient? Not really. Can read music? Not quite. Does any of this matter? No. Listen to Pixies' SURFER ROSA and DOOLITTLE to understand how no one else could have taken his place as lead guitarist for one of the most important and influential indie/alternative rock bands of all time.
JOHN SQUIRE: The second coming of Johnny Marr. His guitar playing on THE STONE ROSES eponymous debut is as close to note-for-note perfect as you can get.
KEVIN SHIELDS: Imagine how a guitar would sound if it were made out of liquid. Or better yet, give My Bloody Valentine's LOVELESS a listen. Also check out his stunning work on the Primal Scream song "MBV Arkestra (If They Move Kill 'Em).
STEPHEN MALKMUS/SPIRAL STAIRS: The meat-and-potatoes of Pavement, these guys made atonal noise pop catchy and fun, as opposed to the more avant-garde and artsy noise rock of Dinosaur Jr. and Sonic Youth. And like any other good indie artist, they spawned countless imitators and spurred on countless amateur guitarists to keep playing.
JEFF BUCKLEY: His individuality as musician and a human being was matched by the dynamic nature of his musical arrangements. Often shifting from jazz to folk to rock to hard rock progressions (often in the same song), he was an exceptionally talented guitarist who continued to bend and stretch genres and musical styles with his playing.
DOUG MARTSCH: Built to Spill guitarist and frontman wove complex, winding melodies with untraditional song structures that stood out from the homogeneity of alternative rock/pop during the mid-90s. One NY paper even touted him as the "Hendrix equivalent" for the alternative rock audience in their review of Built to Spill's THERE'S NOTHING WRONG WITH LOVE- in my opinion, also their best album.
NICK MCCABE: If you were to take his guitar accompaniment parts and play them on their own, you'd probably think to yourself "this doesn't make any sense." Then go back and play The Verve's A STORM IN HEAVEN or URBAN HYMNS, and it all makes sense with the other pieces of the band are in place. Perhaps the best in rock at improvising sonic guitar textures live on stage or in the studio. Producer Owen Morris, who also called McCabe "the most gifted musician he's ever worked with," puts it best, "You can ask Noel Gallagher to play the same guitar line a hundred times and, as long as there's a good reason, he'll do it. With Nick, you've got no chance. He just doesn't want to.'"
Comments, questions, disagreements welcome. All regards.
