Other: the upper works of the Temple, including the guard-tower with the bandits, is great; wonderfully evocative stuff. I like a lot of the first two dungeon levels as well, and had a lot of memorable play with these back in the 80s. Dungeon levels 3 and 4 and especially the Nodes lose momentum, though, and descend into blandness. I actually like Nulb's sketchiness and "let as an exercise for the DM" feel, but I'd have liked a better/more detailed wilderness map. I like a lot of things about Hommlet, especially the map and Trampier's illustrations, but agree that there's perhaps too much time spent detailing mundane inhabitants who are never likely to figure into the adventure -- this IMO set a very bad precedent that too many later products followed. The Moathouse (though I've run it probably more often than any other module -- at least 5 times) feels almost like an afterthought, a totally generic "low level" dungeon, and I could take it or leave it. I concur with Melan that the upper level (the ruins, with the bandits) is more interesting than the dungeon level, and have come to think (although I've never played it that way) that the Lareth the Beautiful encounter would actually work better as an extended roleplaying encounter (with the players "going undercover" and attempting to infiltrate the cult via Lareth, perhaps coming into contact with him via the Traders in Hommlet) than as a straight-up hack-fest.
There's too much that I like in this module for me to be willing to consign it to the scrap-heap, but if I were to run it again (not likely, two and a half times is probably enough) I'd want to make a lot of additions and changes and streamline the endgame considerably.