Great thread! The twists are making it even more interesting.
It's always interesting when people discuss their feelings/beliefs on education/instruction/practice for perfection, etc. vs. playing what you feel. When SRV says in an interview that he doesn't know what chords he's playing, he just plays them the way he knows he wants them to sound, it's hard to argue that you "have too" have study/have knowledge of chords and theory, etc. And the answer to which is right, is really simple. BOTH. And, whichever works for you, is right.
Now, that's my easy, generic, general, non-offensive answer. Now for how these things apply to ME.
Since I started piano lessons at 5 and played til I was 15, I was taught in the normal classical way. You play this exactly as written, with the appropriate dynamics as indicated, perfect timing, perfect fingering, etc., etc., OR you are playing it wrong. I had a good enough ear that I was busted at an early early age for being able to hear something, and then play it back. Without reading it off the sheet and thus maybe with the wrong fingering or even in some cases, with the wrong hand! It took my teacher a while to get it through my head that "just getting the notes right is not good enough. You have to play them the right WAY." And that was because with each step up in level of music, you needed the previous things to be done correctly as those skills would carry you to that next level. So yeah, you can play that song with the wrong fingering, but now this song is harder, and if you don't use the correct fingering you'll never be able to get in the right place for the next passage because it's more complex. My teacher was great. Not like you guys were mentioning. But she was quick to correct. She knew what the expectation was and she wanted to make sure there was no slacking off on the way.
Warning: This post will be way too long and probably boring. But hopefully will explain where I am with all this.
So then I started playing guitar. I started at about 15. I quickly found that some of the stuff I loved, was very easy to play. As impressed with my ability as I was at the time, it didn't take long to realize that in fact, it was just simple music! Kiss and AC/DC and some of the other stuff I loved was really easy to learn. I could get a new Kiss album and by the end of the first night, play every song on it and by the 3rd night, all the solos. I was really something! LOL I didn't even have a problem with Ted Nugent and Led Zeppelin, which had much more difficult solos. Now Yes, and Rush and some of them were a different story. Instead of almost listening and playing along after the first verse, I had to "learn" the songs because they were much more complex and not just "3 chords and a solo." After about 1 year playing, I was gravitating away from the simpler stuff and much more towards the harder stuff. I went form AC/DC and Kiss being my two favorite bands, to hardly listening to either. Rush, and Yes, and Kansas and Zeppelin and Uriah Heep and groups like that became my favorites. And of course Hendrix and Trower.
Then during year two of my playing, two things happened that changed my life. First, I discovered Al Di Meola. Second, just a few months later, Van Halen (1) came out. Now, this is my opinion so take it as that. If you think SRV and Ace are better than VH, that's OK with me, but... in my mind, the bar wasn't raised, it was blown away. Even the guys I thought were great before, like Lifeson and Page, I could really play with a little practice. Al and Eddie sounded impossible! But to me, that was not only a challenge I was willing to embrace, but I wasn't going to be happy until I felt I could play like they did.
Instead of sitting down, putting an album on, and playing along, which is what I had done since day one, I had to keep stopping the record to get down these blazing fast and way more intricate parts. I've mentioned this before, but it took me about week to have all the songs off VH1 down, and another few days to have the solos. Except one. 3 months later I still had no idea how he was playing Eruption and I just couldn't "reach" the notes to play it. Then I saw him on TV and immediately saw "oh that's how he does that." It took me about a week to get the tapping part down.
At that point, I was once again convinced that I was a bad ass. LOL But it was only a couple more years til Yngwie came along and I again realized "I can't do that and that's going to take a LOT of practice."
So, I'm not saying I'm as good as any of those guys of course, but my motivation was always simple. I wanted to be great at it. I loved it, and so I wanted to be great. Not to "enjoy" playing like some of my friends to played, but to really be great at it.
The next part will sound weird after all that. I never learned how to read music on guitar. From classical training on piano which was "read everything" to playing even fairly complicated Yes and Rush songs, or DiMeola and VH solos, and didn't even know what chords or notes I was playing. Now, I know basic chords and always have. What I mean is, I never even think it terms of Eb, Cm, G etc. I play them, but I don't sit down and read the music to learn those songs. I played along with albums. Of course I "know" all the notes on a guitar, but only because of piano. If you say "what was the third note you played in that solo." My answer would be I'd look at the fretboard, find the third note, and it would take me a second to go .... that's a C or whatever.
I guess the only reason that I THINK all that is of interest, is because it's like a mix of the two extremes. It's no secret that I like more complex forms of music. But Hendrix and Trower are two of my all time favorites. I LOVE the "feel" stuff. But I love the complex stuff. But unlike most people who like the complex stuff, I am not into theory, I can't site read anything but basic chords, etc. So on one side, I am closer to the blues guys who can't read music or at least not at a high level, and play what they feel. On the other, I like to play faster, more complex stuff, but have no clue when they start talking harmonic minor diminished blah blah stuff.
But I always thought I had to learn the really hard stuff SO that I could play anything I wanted. Meaning, I might play a VH riff note for note IF I'm playing a VH song, But, that skill helps me when I'm playing what I "feel" or helps me when I want to play my own thing. SO I wanted to have the VH thing and the DiMeola thing and the Yngwie thing and the Hendrix thing and etc., etc. all in my bag so that when I wanted to play "my own thing" I can play anything I wanted. Learn the riffs perfectly. But not JUST for cover tunes. You put them in your bag of tricks for your use.
Now if I really could DO all those things as well as they do, well you know, I really WOULD finally be a bad ass! But at my age, I've given up. LOL
To sum it all up, I like Winger!
Edit to say: I hope this doesn't sound like bragging. I was stating my objectives to be able to play like those guys, and not claiming a complete ability to do so.