For anyone that is a good musician, thing about phrasing is very obvious, just as we can easily recognise if someone knows how to make a good speech or doesn't. Some people know their way with words, some with notes. So it is like a talking in a lot of ways.
I agree it is not connected with speed, and there are shred players that are just wanking, and some that are playing music, just at a high technical level and in certain style. Just as some guys that I have heard that claim "everything is in the tone and soul" are wanking too, but using only two bends an pentatonic scale.
Btw, You have mentioned Malmsteen, I think he is a sad figure indeed. Very talented, groundbreaking player at his time, even got some commercial succes at one point, and then he just lost it. He is definitely most underrated player in my opinion. All those guitarists making videos, playing his licks in a neoclassical style (like Romeo and Impelitteri for instance) and never mentioning him as an influence, really , a lot of them ripping his licks but as it is uncool to mention fat alcoholic megalomaniac as an influence, they go "I was always into Bach and Blackmore", disgusting. One thing I still like about him (even if I think he should have stopped playing and releasing albums 15 years ago) is his tone, and BALLS, You can hear that and recognize his sound instantly, and that cannot be said for 95 of hi tech players with their tiny fizzy blblblbl-ing thru arps and scales.
Btw fast and technical playing does makes people react negatively these days a lot outside the metal genre, they don't even listen if player is actualy good, fact that he can play fast makes him labeled as a "Mindless shredder". Actualy sometimes it can make even a sort of pressure on a player, and that is bad, some people NEED to play fast too, because that is part of what they are, how they feel inside. I mean, why is ok when Mclaughlin or DiMeola are shredding their asses of on acoustic, it is art, but when someone is doing that with electric everyone are against it?
sorry greg... 
that is a perfect example.
