For some reason I don't particularly care for Gaiman's work. I've read a few of his books and many of his short stories, but they've all failed to resonate with me for some reason. As I read American Gods, I thought to myself, "He's a good writer but I'm just not into this." I very much enjoy King's work, and by number of stories I've read penned by him, he's got to be my favorite author. Pratchett is probably third. I think all three of them are better writers than Lovecraft. And you're right, most of the well reviewed works inspired by Lovecraft are better than Lovecraft's actual work. Lovecraft is not the Alpha and the Omega of otherworldly fantasy/sci-fi/horror as there are people who continue to publish work along those lines.