This gets 4 stars as a H.P. Lovecraft collection, and 3 stars as a personal reading experience.
If someone were to ask for an introductory Lovecraft collection, this seems like the best one-stop shop. It's missing some of his best stories (Pickman's Model, Dreams in the Witch House, for examples), but it provides one of the clearest experiences of "What is a Lovecraft story?"
Lovecraft is maybe the most misrepresented author in all of horror. We give him all the credit for two things: 1) big, ancient bizarre monsters, usually with tentacles, that are so scary that 2) a character is presented with a horror so unimaginable, they go insane.
Which isn't entirely true. But everyone gets mad when I try to correct them.
Lovecraft does explore these ideas in his stories, but that is not a representation of what it's like reading his stories. He's obsessed with first-person narratives, usually epistolatory, so it's oftentimes like listening to or reading a letter from a pretentious blow-hard who can't shut up about how totally sane he was. (There isn't much fun in applying unreliable narrators to the stories, either.) Most of his characters feel like lightly veiled projections of himself as the protagonist. His narrators are obsessed with elements to ground the story in mundanities (like taxonomies, geometry, biology, genealogy, and especially geography) so that the terror at the end of the story hits harder. Again, it often feels like you are trapped in conversation with a talkative weirdo at a pary, and he won't stop telling you about his hobby.
The stories aren't action-oriented, which is what most modern fiction is obsessed with. Not much happens in these stories. So if someone hears Bloodborne, a videogame that is mostly action-oriented and the narrative links are obscure, is inspired by Lovecraft, and then they sit down to read Lovecraft, they are probably expecting the characters to do something, which they often don't do. Which is why I suspect that most people that claim Lovecraft is their favorite author, or that they love reading him, or he's a literary hero of theirs, are full of shit and haven't actually read him. I like reading stories or novels where there isn't much literal action, and I find Lovecraft usually boring, but that's mostly from his prose and how he structures the stories.
I say all these criticisms at Lovecraft to praise this collection, because it manages to provide what a theoretical reader of Lovecraft is looking for (The Unnamable, The Lurking Fear, From Beyond), but also provides examples of where Lovecraft excelled (Cool Air, The Hound, The White Ship) and also his most notorious, but heavily flawed stories (The Shadow Over Innsmouth, Herbert West -- Reanimator).
It's not a perfect collection. I think there are glaring omissions, I think some of the stories are a waste of time, I would resequence the stories. Nonetheless, if someone said "I want to read Lovecraft, where do I begin?", this book is an excellent introduction, interesting, and affordable.