I really didn't like this comic. In general, I have my reservations about Moorcock, but his influence on the fantasy genre makes it interesting to read him in light of older and newer works. Elric was created early in Moorcock's career and everything that is bad and good about Moorcock can be found in the books about the character. Elric can come off as a pretty overblown way. "Edgy" would be a modern term, I guess, and he often comes off as pretentious to an absurd level. On the other side, his disdain for the fallen ways of his own culture, based on his scholary ways, often makes him a more interesting character. In the books, Elric is disgusted by the apathy of his fellow Melniboeneans and secretly wants to revitalize their culture. This makes his sometimes contradictory behaviour more interesting. Elric can be callous, inhumane and cruel, but his Byronic temperament and inner conflict also sometimes makes him behave in an altruistic, tender and merciful way. This aspect of the character really helps to salvage the novels.
This comic book more or less abandons this part of the character. It also simplifies the story a great deal. The authors argue that they want to establish his cousin-fiancee Cymoril as more active character, but I can't really see how - she has little real influence on events beyond being dangled in front of Elric and Yyrkoon as a motivational driver and being in charge of girl-murder to keep Elric in his blood baths.
What it instead fills in with is rather ridiculous. Melnibonéans in the novels are cruel and prone to callous murder and torture, but they are also apathetic, often dreaming their days away (literally - it is even a part of their education), aesthetes of a quite inhuman architecture and fashion (their cities are described as filled with color and light in bizarre combinations that make no sense to the surrounding world) and obsessed with seeking pleasure and new sensations. They are also extremely ritualistic, performing meaningless rites and traditions that often have lost their original meaning. Melniboné is a trading center for all the world of the Young Kingdoms at the start of the novels, and foreginers populate its docks as the Melnibonéans can't be bothered to demand tribute or raid their neighbours any more. All this is stuff the reader must fill in on its own in this comic.
Instead, Melnibonéans are basically Barkerian cenobites, and not just in how they are drawn, in the usual impractical way with way too many spikes. The cities are just dark. The dreaming and apathy is mostly not present or very much in the background. There's a lot of gore and blood magic (Elric's drugs and potions are replaced by him bathing in the blood of naked girls like some sort of silly Elricabeth Bathory). The slaves mostly seem to be female, naked, tatooed and look like clones. It could have worked if applied less gratitiously, but in the end it is just the usual umaginative "Look at how Dork we are" that has keep popping up these last three decades.
The end result is a bare-bones rendering of small parts of the 1972 novel. The writing is simply lazy, indulgent and often quite slow, trying to replace story with visuals. If Moorcock really praises this as closer to his original vision than his novels, it is less a plus for the comic and more a minus for Moorcock.
It gets two stars because it is very well drawn. I can see why people who are into the visuals enjoy it, but it wastes an opportunity to do something interesting with a novel that is getting pretty dated in the modern world.