Honestly? Yes.
It was good for it's time, and when I first started playing guitar like 10 years ago, I thought 'Eruption' was the pinnacle of guitar soloing but it's really rather simple, and let's be honest EVH was probably drunk off his *** when he recorded it (he has fully admitted to being very intoxicated while recording another one of his more famous solos, the solo to MJ's 'Beat It') and you can tell, it's actually super-sloppy!! But it's kind of hidden by the massive reverb and flange effect. Technically-speaking there are many, many, many guitarists whose technique is light-years ahead of EVH's. Wank-artists like Steve Vai and Yngwie Malmsteen come to mind (and any of their clones, of which there are thousands).
rant over
Eruption's an awesome solo/song but I had to answer your question of "can anyone top this?" EVH's still one of my favorite guitarists of all time and he's definitely one of the top blues-based shredders of all time though.
Personally I think Muhammed Suiçmez from the German death metal band Necrophagist is one of the most insanely technically gifted guitarists, ever. I doubt you're into death metal but he puts basically anybody else on planet Earth to shame with his shredding