Yeah, saw him in concert, he's actually an amazing guitar player. I was blown away. Apparently he wrote most of the guitar in the original band, not James Iha.
I can't say that he is the MOST underrated guitarist, but I agree that while there are many that praise him as an excellent songwriter there is a lack of recognition of his guitar playing. I also think it's unfair when people like Dweezil Zappa slag him off when they probably haven't heard more than a few of the singles.

That said, the man gets more than enough praise as a musician.
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I am the mistress of ManWithoutAHat . This pleases me.
i like allot of his guitar work, especially on zeitgeist...

btw im seeing the newly formed smashing pumpkins on the 31st