Speed and melody usually don't go hand in hand, but I suppose it all depends on the type of song you're going for. Obviously if you want something that will please a large majority of people then you want something easier to handle: speed on the guitar is an aquired taste that typically only other guitar players can really appreciate. You're right about live situations. People want to be entertained, and even if your music doesn't speak to them, if you can impress 'em they'll still be entertained. But I don't think speed doesn't have a role in music. The whole notion of "One note says more then 100" doesn't really make sense to me (as Al Di Meola commented to that: "That's B.S. Tell that to any classical or flamenco player and see what they say"). If speed is used intelligently and interestingly then it can add great tension/power/emotion, whatever. But if it's just wanking Malmsteen style, then few people other then guitarists will appreciate it.

You're really right about using speed for things other then musical merit. Your music bof is a prime example. I listened to your Jupiter one (sorry, can't recall the exact name), and the insanely fast, nearly nonsensicle speed provided one with the exact sense the song was going for. Someone once said that your music would be great to accompany a movie, say as a soundtrack or something, and that's true. Speed such as yours goes beyond music, its like going through electroshock therapy or something :)

btw any of you guys who haven't yet heard bof, give some of his stuff a try. it will refine what you previously thought possible on the guitar.