I know shred includes speed picking, sweep picking, and fast stuff.
Does it also include the use of chromatics? I wasn't quite sure. and could you give some examples?
shred can have anything you want it to have, as long as its played fast, played with emotion and played clean.
This has a few more opinions, including mine.
He who joyfully marches to music in rank and file has already earned my contempt.
He has been given a large brain by mistake, since for him the spinal cord would fully suffice.

Remember: A prudent question is one half of wisdom.

Essentially it means the same as a virtuoso, a very proficient musician. More rock-oriented music listeners and musicians just tend to favor the term "shredder", especially when discussing guitarists. However, I think it's a somewhat derogatory term and a has a very negative connotation as it's often associated (by me, for instance) with the spandex-sporting wankers from the 80's.