My old guitar teacher use to worship shred, loved satriani and the others, he would often shred on his acoustic, once even playin that dancing with aliens song by satriani which actually sounded pretty decent on acoustic.
I can't connect with that idea of 'classical' shred, although the technical ability is blantantly undeniable.
I do like a bit of shreddin when it is incorporated in songs that rock. Mascis could shred with the masters, and brought some of that ability into new depths.
Are there many female guitar heroes around?
This girl can sure shred
http://www.youtube.com/watch?v=-8zJ29G2Ujk