Really? He must have Slash by the balls money wise....then again in 1994, Guns N' Roses announced their next album would be titled "Chinese Democracy". It only took 14 years to eventuate minus Slash, who in the meantime released four albums and founded two bands! "Chinese Democracy" finally turns up and with over a decade of tinkering and fine-tuning the result is just plain terrible! As the only original member at the time, was this just a bad case of Axl simply overthinking it?
It certainly did sound unfinished, songs like madagascar and street of dreams sounded good in the live versions but didn't live up to the potential when recorded and his vocals on some songs are not very good as well.
They spent millions to record illusions and 15 years older it sounds so much bigger and better then Chinese Democracy which Axl also spent millions to record.
I also think by the time it got released people didn't care about it anymore, as you said Slash had already released lots of music and the hype that might of been there if Axl released it in the late 90's had mostly gone away.
and yeah not having Slash play on the album probably mattered as well!