I think he sounded great. I don't think he was drunk- seems a bit difficult to play like that if you're under the influence. Wish there was more to the clip.
It could be possible that EVH is just playing into the hype and persona that he's drunk or loony.
I think this new brand Fender is helping him start up will be a success. He designed the EB/MM Axis which is a killer guitar. The Peavey Wolfgang was an evolution of the Axis, just with an arch top and hotter pickups. That Fender amp sounds very close to the tone he got on tour with the Soldanos