My Bloody Valentine bankrupted people to make Loveless, and that is a far, far, far superior album.
I mean, I understand your point but Zero by teh Smashing Pumpkins has as many, if not more, guitar layers.
I think loveless is ok, but for me the self titled by 3eb really sums up the period it came from, and for me that's what makes it a classic. -prog rock, post grunge, pop, and amazing collaboration with a duo of talented people (kevin cadogan and stephen jenkins). It stands the test of time every time I listen to it (multiple times a month). I feel today the 'big hits' don't have the depth as some of the albums from the 90's that had talent (pumpkins, flaming lips, etc).
To sum up a classic is representative of its time & an album that is still just genuinely good. I may like Devo songs the best bust some Duran Duran albums are more 'classic' in that respect.