I don't think he's still with them, but I also don't think they're really making any music right now either. I know he played guitar for the soundtrack to Inception, though.
And he is definitely one of the best guitarists ever, technically and otherwise. Every Smiths song had like 15 guitar tracks! Always just subtle little variations and neat little effects to create that big jangly wall of clean guitar sounds. He said for this charming man, there were 2 or 3 tracks of him throwing a knife at a guitar. What the hell?
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