I think Eddie is pretty much the same as any of us. We have a tone we like for a while, then we inevitably get an 'itch' for a new guitar, or a new amp, effect or whatever. Then we have a new tone we like for a while. The difference is when Eddie wants a new amp or guitar, it's all over the industry news and fansites. If he's gonna play a Charvel, or a Peavey, at this point in his life, he's gonna get paid to do it no matter what.
I'd have to agree though, no matter what the gear... sober the hell up, crank up the amp and start recording, put something out there. Hell, I'd take another Cherone album if that's what they wanted to do. Two greatest hits packages just plain sucks, and no new material just sucks, the three new tunes were ok, but sounded rushed and not very well thought out, just something to justify someone buying the new cd.
As a side note, I recently watched a bootleg dvd of the opening night show for the 2004, and man was Eddie out of it, he nearly fell down two or three times, his tone sucked (IMO) and he made more mistakes playing his stuff than I normally do. He needs to clean up before anything good can happen. Sammy seemed like he was just putting in time, and didn't really care, Mad Anthony did his thing of course, with his usual style and grace

But the whole show was actually kinda sad to watch, when it was over, I wished I hadn't watched it.