Re: Are you self taught?
Even though I've done/am doing the conservatory thing, it certainly isn't necessary to be be a professional guitarist. I think it is about having sources for the information you need, and a mentor can have a huge impact on your progress. If someone is really serious about learning, but doesn't think school is the place, just find the best teacher you can find. If you're in a big town there are probably some amazing players, and hopefully one of them can teach.
The part that can't be replaced, however, is time in the shed. To reach the top levels of playing you have to have a regular practice routine. Some need 8 hours a day, some need 2(I need more than I'm getting lately), but regular practice is paramount. It is also extremely important to practice the right way. This is something teachers can really help you learn how to do. Once you learn how to learn, you can get soooo much done without any assistance, particularly with all of the amazing books on the market.
Obviously this applies more to players who want to play really sophisticated music(jazz, classical, prog rock/shred)or to guys who want to do session playing/sideman work. If your goals are more pop/rock oriented then its way more about songwriting than being the baddest mofo the guitar ever saw...
I don't know if this is the place for it, but I, and I'm sure others on this board, would be more than happy to take a shot at explaining whatever theory issues might be mysteries to some of you.
Mike