When Tom Holt uses his K. J. Parker heteronym, at his best, is a very good genre writer: which is not to say that genre writers can't be as good as (if not better than) their literary counterparts - but they have not been taken as seriously, which is true even now. I must admit I found Gene Wolfe's work to be good too, rather than something to be proselytised for, or raved about. Moorcock's essay "Epic Pooh" is a good analysis in some respects (though perhaps influenced by Terry Eagleton et al, and Marxist Lit-Crit in general) and admits the fact the LOTR writing is at least accomplished. Of Moorcock's work "The Dancers at the End of Time" series is both funny and readable and "The Condition of Muzak" to me seems still his best. Folk finding Peake to be overwritten just proves what sort of literary world we now inhabit: Orwell's plain English has come back to bite us on our collective arse, and we can no longer cope with sentences with sub clauses, or paragraphs full of metaphor via elision. Oh, well. It's just that when folk write stuff like "The Book of the New Sun" is the best fantasy ever written, I must assume that they haven't read much to compare it to, genre fantasy or otherwise. No doubt all shall be well in the ground of our beseeching, if that's the phrase I'm stretching for.
If you're into SF, read on.