Great topic, Phill ...
Your details remind of Mark Knopfler's words in Sultan's of Swing: "Check out guitar George, he knows all the chords."
We all admire guitarists with amazing technical skill, musical precision, speed, etc. What they can do is impressive. However, my two personal priorities are (a) creativity, and (b) feel. These are the main elements which define my favorite guitarists. The guys that can run 32nd and 64th note arpeggios are amazing and way beyond me, but it's just speed and technical skill. It typically doesn't make me feel anything, or admire the creativity (or lack thereof) in a piece like that. This isn't jealousy (I know I'm incapable) but I just don't find these elements enjoyable on their own.
On the other hand, there are those guitarists who may have those abilities, but they take back burner to their emphasis on creativity and feel in their music. Take David Gilmour for example. With a bit of work, the average guitarist can learn his solos from "Time", "Comfortably Numb", "Learning to Fly", etc. But the feel he puts into those solos through bending, use of sustain, varying his pick attack, his tremolo, etc. are the truly difficult elements to master. And they are what make Gilmour stand out as a guitarist. Ian Anderson is another one with the way he plays acoustic, i. e., nothing technically difficult, but he sounds so good.
I'm reminded of Steven Wilson (formerly of Porcupine Tree) being asked about how he got Govan Guthrie to tour with him, and he said something along these lines:
Govan can mop the floor with most of the guitarists on the planet, but most of my music doesn't have anywhere for him to feature his immense talent. Concerned, I asked him if he'd be content to play simple 4-5 note segments. To which replied, of course ... because they're the right notes."