90% true.
I've been playing for 24 years and do it professionally... and while I'm better than many guys in my town giving lessons...
if Joe Satriani lived locally and gave lessons, I'd pay to take 5 years worth of lessons from him 
It really depends on your goals, ability, natural talent and how technically proficient you are, I've been playing about 16,17 years, after about 3 years when I really got into guitar I got to the level where I can play anything by Malmsteen, Vai or Satch without much trouble, then again most people don't get anywhere near that kind of level because they either lack natural talent or are contempt with being able to play a few green day songs. At the same time I see your point, if Vai or Malmsteen lived here and were giving lessons I'd be first in line
