What factors are associated with being a "guitar god"?
Is it technical proficiency? Innovation? Tone and style? Song writing?

It is obviously a combination of many different factors, but it is interesting to consider which characteristics hold more weight in determining the notoriety of a guitarist.

No one will deny that Yngwie Malmsteen is a virtuoso. He is extraordinarily technically proficient and fast, but who cares?
Kurt Cobain's guitar playing was basic and simple, nothing flashy, but very powerful. In my opinion, it was his incredible song writing that make him a relevant guitarists. Nirvana's sound and style single-handedly changed the face of rock, facilitating an end to glam rock and ushering in a new age. How many bands after Nirvana tried to emulate their sound?
I'm not a fan of Rage Against the Machine, but Tom Morello is one of the most innovative guitarist of all time. He creates sounds from his guitar that are incomprehensible.
Mark Knopfler has several of these factors, but most notably tone and style. His tone and style have influenced my playing more than anyone.
Billy Corgan is a great guitarist (seen him many times) but most people don't consider this. To me, it's more about his sounds, riffs, and songs. There will never be another band that sound like the Smashing Pumpkins.

In conclusion, there is more to a great/famous/etc guitarist than being able to play a long, fast, or complicated solo.

the best player who is most underated must be Roy Buchanan

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+1

and would like to add:
doc watson
eldon shamblin
kris skrobot (from pat greens band)

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+1 on Mike Campbell too
and the late, great Roy Buchanan. I saw Roy live in the 80s and he blew my mind to little bits.

And let us not forget the superb, and stylish Jesse Ed Davis. Man, his playing with Taj Mahal was just so tasty, dirty and sweet.

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"...Compared to the flowers and the birds and the trees, I am an Apeman."

You forgot:

Jimi Page
Jimi Hendrix
Stevie Ray Vaughan
Eric Clapton

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Alvin Lee (ten years after)
Mick Taylor
Peter Green
D. Allman

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09 Fender american deluxe strat.
97 Gibson les paul special P90's double-cut
65 Princeton reverb re-issue
2010 Guild Gad-F40e

The seemingly always forgotten, Ernie Isley. I wouldn't call half of your list underrated, not by most anyway.

Mike Pinera (Blues Image) (Iron Butterfly)

Not really underrated... just in a forgotten band. And though he may not be a "Guitar hero" i just like his sound and style. Not to mention what an amazing debut album... Triple platinum.

John Spinks - The Outfield

I don't know about "underrated" guitarists list, but I can tell you I'm very into:

Danny Gatton
Brent Mason
Roy Buchanan
Terry Kath...

As of recently!

Hey look! They all play(ed) Teles!
And I'm a Strat guy!

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"Sticks and stones may break my bones, but words will never hurt me."

"All that is impossible remains to be achieved."
Jules Verne

www.stratcollector.com

Underrated as guitarists...

Neil Young
Paul Simon
Steven Stills

Phenomenal guitarists, but never mentioned as such.. They are all certainly mentioned when you ask about songwriters.

Johnny Ramone and Rory Gallagher

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Fender Super Champ XD
Fender Champion 600

Dare I say...

Steve Clark from Def Leppard. Decided to listen to them on the bus last night. I really like his playing.

RIP Steve Clark

Good call!!!

Snuffy Walden is another fine guitarist!!!

http://en.wikipedia.org/wiki/W._G._Walden

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Interesting.

He filled in for Paul Kossof of Free. The black Strat Dave Murray of Maiden plays and which the Dave Murray artist series strat is modeled after was purchased from Paul Kossof.

Its all relative

I'm checking out his stuff. Thanks for sharing.