Frusciante is ludicrously good. Better than just about any other mainstream rock guitar player.
And Flea, well it goes without saying, unreal.
Chad Smith, average, Anthony Keidis, average voice, odd lyrics.
By The Way is one of the best pure rock records I've heard in many years.
I even thought One Hot Minute was a good record, as I think Dave Navarro is excellent too, maybe a notch below Frusciante.