Volume 3 of this collected series is my favourite. Similarly to my review of the first Volume, I appreciate Lovecraft's shorts for the atmosphere they create when sitting alone in your room late at night.
The Lovecraft stories are about horror, not about strong characters or intelligent plots. However, Volume 3 has the strongest stories of the series in my opinion. Polaris and Pickman's Model have very amusing and horrible twists/endings, and The Colour Out of Space and The Shadow Over Innsmouth have a great pace and setting. At some point, having read the other volumes, some stories started to refer back to earlier events and characters from different stories. These references were never important plot devices, but did succeed in enhancing the atmosphere by creating the feeling of a joined universe in which these different stories took place.
Would advise this book as company on rainy nights. Dim the lights, grab a cup of tea, and have a good time reading some Lovecraftian horror.