I love the way Lovecraft writes and I own these books:
Thing on the Doorstep and Other Weird Stories [http://us.penguingroup.com/nf/Book/BookDisplay/0,,9780142180037,00.html?The_Thing_on_the_Doorstep_and_Other_Weird_Stories_H._P._Lovecraft]
Call of Cthulhu and Other Weird Stories [http://us.penguingroup.com/nf/Book/BookDisplay/0,,9780141182346,00.html?The_Call_of_Cthulhu_and_Other_Weird_Stories_H._P._Lovecraft]
Dreams in Witch House and Other Weird Stories [http://us.penguingroup.com/nf/Book/BookDisplay/0,,9781440616488,00.html?The_Dreams_in_the_Witch_House_H._P._Lovecraft]
All exceptional books that I recommend (between them they have most if not all of his short stories, with some of his longer ones). I would read Lovecraft, if for nothing else, because you won't see anything else like it. Some of my favorite stories were written by him. And, yes, while some of his works are predictable (ex: The Lurking Fear) they are still worth the read.
The only problem I have with him is that sometimes it takes a while to get anywhere and he kinda uses the whole "it was beyond insanity and undescribable" phrase a lot.