I disagree. Look at something like Steve Vai's Ballerina. There's always scope to push the envelope with effects, I for one will never be satisfied.
I'd argue that Ballerina fits with what creative360 was saying. It's a solo song, written around the effects. Nothing wrong with that of course. There will always be a place for scrutinising the specifics of a reverb/delay/modulation/whatever to the nth degree but it becomes much less important once you add drums, bass and vocals, particularly if you're not using a great live engineer etc.
I for one am usually satisfied simply to still be able to hear myself at all once the drummer starts getting excited!