I just reread Elric this past month, and while I still enjoyed them, the problem is partly that they were all originally short stories just bound together into novels. Some of them are even blatantly in the wrong order. You get his archenemy, Theleb Ka'arna (don't sue me if I put the ' in the wrong place!), talking about all the shit he hates Elric for right after they've barely met, for example, when it clearly needed to go much later in the series. But since they are all short stories pretty much, you don't get any of the build-up of a full novel, much less a modern one where they spend 3 books just setting up the main villain. In a way it was kind of refreshing because you could sit down for half an hour and read an entire story. Yeah, the writing isn't anywhere near as technically sound or anything, and the internal logic doesn't always match. And you get a lot of Moorcock telling us that Elric is anguished and melancholy instead of showing us he is, but it is still pretty clear that a huge percentage of modern fantasy comes from him and Howard's Conan.
It does sort of suck that young people will never have the joy and wonder of picking up their first Elric book in elementary or junior high and realizing that there is a whole lot more to books than what they show you in school. Now if they read these after reading some current authors, these do kind of feel like shit in comparison. Probably the same with most things, cars, music, video games, Everquest even, but I get why nostalgia can be so strong. My memories of Elric and Stormbringer are so strong that I STILL want to spend $10,000 to buy a replica Stormbringer just to hang on my fucking wall, and rereading them didn't dampen that desire one bit. The only thing holding me back all these years is a lack of ten grand to basically throw away. (As an aside, if I did ever buy it, I'd put it in my fucking will that I need to be buried with it!)