I've been watching the G3 tour (Vai, Malmsteen, Petrucci, Satriani) on google videos every night, and I can tell that it has influenced my playing. I was able to write a whole song that was essentially a solo based around a central riff/melody. This is quite an accomplishment for me because usually my solos are just a bunch of notes showcasing whatever technique I recently learned, but this solo I wrote today has some class! I only wish I had the proper tools to record it...
It just goes to show, it is always a good idea to listen to different sorts of music. You never know what might help your playing!