Any modern band that comes close to Mahavishnu Orchestra ?

I saw the original M.O. twice and the second version once.  Then I saw the One Truth Band.  All different personnel, different sound, different vision.  The original M.O. was a one-off, unique group.  The closest thing I can think of in terms of sound and energy is Cream, who were a few years earlier.  I can't imagine anyone coming close to the original Mahavishnu Orchestra.  That's the way it is with the great ones.

Nice post, ethiessen1.  I think it should be added that the second group, with Ponty, had none of the original members except John.  With mostly different material and sometimes with strings and horns in tow, it was an entirely different animal IMO.  Great stuff, but for the most part nothing like the first group.
Inna, Mclaughlin's pre-Mahavishnu acoustic release "My Goal's Beyond" is a milestone in realm of modern guitar recordings.  It changed the direction of jazz guitar as much as the original Mahavishnu Orch.  set the stage for all the fusion bands, good and bad, that followed.

Inna, my top two would probably be McLaughlin and Oz Noy. 

I think Oz has all the technique he needs to do what he does.  McLaughlin has long been my fave electric guy but as far as the last 20 years go I like Oz.  I appreciate the musicanship of all those other cats but his music reaches me and theirs does not.   Same with George Harrison--hardly virtuosic but IMO he always did the right thing in the allotted space.  I realize other people have their favorites and may not care for mine.  I've been around the diMeola faction at a concert of "the trio" and I've seen people who thought Eric Johnson put on a clinic jamming with Oz Noy.  They could not believe that I or anyone else could have found Oz more musically satisfying than Eric.   

Inna, Oz can kick in the afterburners when needed.  Most of the time it's not needed.  There are many virtuosic guitar players, some mentioned here, with incredible technical facility but whose music leaves me totally unsatisfied.  I've seen Oz about 5 times in a trio setting.  I've seen Al D. with Return to Forever and with Paco and John.  I was very impressed with Al's handling of the guitar, but I'll take Oz any day.  I've never thought it was all about the speed but rather the composition, arranging and where applicable, improvisation.  There are no absolutes in these things,  it's largely subjective.  DIfferent strokes.

I love Gilmour's playing, too.  So much taste and such great ideas.

I enjoyed "Go Ahead, John:  The Music of John McLaughlin," by Paul Stump.  The Kolosky book is good but less objective as I recall.  Both worth reading if you're a fan.

I'm going to have to check out "Visions" again--it didn't grab me at the time the way "Inner Mounting Flame" and "Birds of Fire" did.  I didn't care much for the live album except for one great track by Jan Hammer:  "Sister Andrea."  I do like all the live versions of the material from the first two albums that can be found and I wish I had bought the box set that includes the older material from the same performances that gave us "Between Nothingness and Eternity."  I doubt Columbia will ever release that material as a single CD even though the box set is out of print.  The used price is double what it used to cost new!
Anyway, I absolutely loved this band and I'm glad I caught the original group twice.  I just don't think there's anything that quite measures up to the excitement and the spooky, almost telepathic, communication they had.