Where's the "read him and he's alright, but really doesn't live up to the hype" option?
Okay, yes, Lovecraft is an incredibly important person in the history of horror fiction. Horror today would not be what it is without Lovecraft. That said, since his death, a number of other authors have done Lovecraft, and they've done it a hell of a lot better. Lovecraft's stories have interesting ideas and interesting monsters, but they're so bogged down in description and other crap that it would be charitable to say that they moved at a snail's pace. This is why, even though he's so important to horror fiction, he's not well known outside of the genre, because short of reading him for the historical interest of his stories, there's not really too much reason to read him when you could pick up a much better book by any number of authors.