This omnibus was my first exposure to both Michael Moorcock's writing and his character Elric, which a friend has talked about for years. I looked forward to reading it very much. It actually was easy to jump into, despite it not being book #1 in the Eternal Champion story set.
TL;DR: A real mixed bag for me. I'd happily read Moorcock's other writing - there is certainly skill here, and wonderful world-building - but these tales haven't aged well in some areas. Still, there are some real fantasy gems I'm glad to have read!
Long version, by story:
Elric of Melniboné - Excellent "prequel" work. The descriptions were vivid and Moorcock drops small bits of lore everywhere that stir the curiosity in ways that I kept praying would be answered later. Cymoril, Elric's love interest, I thought I liked at first, but by the end, she really didn't do much for me. She became a "sad female character bingo card" of getting the vapors, being a kidnapped damsel in distress with sexual assault undertones, etc. BUT! That said, not even Cymoril's handling could sour the fact that I got lost in this fantasy world, and I wanted to know more about this doomed city and its gloomy ruler. Elric's philosophy both astounded and impressed me by the end, and I truly wanted to know if his idealism in putting his "reformed" cousin on the throne temporarily would pay off.
The Fortress of the Pearl - Elric is poisoned, the lord of a dying city blackmailing him for the antidote only if he can steal a fabled pearl from the land of dreams. It's a great setup, and hooked me along every step of the way. Given Cymoril in the last book, I was pleased to see characters of all genders come out of this both competent and well-rounded. Moorcock won me over with this story, even if it took me far from what I wanted to know from the first tale.
The Sailor on the Seas of Fate - Annnnd... good feelings are gone. This feels like three different, dreamlike adventures bundled into one overall storyline, with mixed results. The first tale feels, in all respects, like an inexpert D&D campaign, where a party is thrown together to fight some ill-explained menace because reasons, and they don't care too much to question it. I feel as if this story would have much greater significance to readers of Moorcock's other works, but I haven't read those yet, so I don't care at all about the characters making cameos here, never fully fleshed out. Then, the adventure ends, and Elric never thinks of it again. The second and third sections make much better use of existing Elric lore to ground them in this universe, and the third story has some wonderful moments - especially when Elric finally loses control and learns he's not his sword's master at all! - but I wouldn't re-read, I don't think.
The Dreaming City - God. Damn. It. I was so angry at this story when I first read it! One thing I wasn't aware of when I started was that "The Dreaming City", which is presented as the fourth story here, was actually Elric's first appearance, and the preceding three stories were written later. This was an "Aha!" moment for me and made me a little less vengeful. When read after those stories, it does not work at all. It presents a ton of information the other tales elaborated to death. It goes for really big plot points that make you want to scream, "WHY? HOW?" if you've read the other stories, but it won't answer those questions, and left me feeling robbed of emotional payoff for the plotlines started in "Elric of Melniboné". I wanted to slap Elric several times for seeming to have suddenly forgotten things he should have had knowledge of prior. All of that in mind, it probably reads much better taking in this story BEFORE reading anything else, then coming back to page one to see how things get to that point! You can really see how Moorcock grew as a writer between this and the other stories presented in this set.
While the Gods Laugh - Once upon a time, a sexy lady wanders up to Elric in a tavern and gives him a quest to help her obtain an arcane book. "No woman can own it," she says. The lore hasn't really said why that's so, so I'm just going to say it's because 1960s fantasy. They of course have lots of sex at night on their quest. At one point he falls into a slime pit, and they forgot to bring rope (Elric, stop forgetting your necessary supplies, man! Did you at least bring enough medicine this time?), so his pretty companion must hilariously tear off her shirt and rip it up into strips of cloth to save him. You can tell right away the audience and the time period this was written for, but it's a bit of an eye-roller now. That said, it's short, and there's some good monsters and swordplay here, like any Elric book, and the futility of their quest sets the story apart from some of its contemporaries.
The Singing Citadel - Like the last tale, a mini-adventure when standing next to the first ones in this collection. A queen enlists Elric's aid to stop a wayward Lord of Chaos from warping the land and kidnapping the folk there. Good action sequences, and even better banter from the Lords of Chaos, including a better look behind the curtain of the concerns of these higher beings. I enjoyed reading these moments quite a bit. Hilariously, the queen, who was said to be well-liked and competent, offers to giver up her whole kingdom to Elric so she can be his consort. But, of course, he moves on once the problem is dealt with, paving the way for another adventure...
...and so help me, I'd follow. Elric is interesting. Elric has the potential for many more great adventures. His world is also fascinating and well-built, even if his companions come and go and are often only memorable by name.
But if you only picked two stories to read here, the first two are where the good stuff really is. I'm moving on to Moorcock's later works. I look forward to seeing Elric again someday, though, despite my mixed reaction to this omnibus in particular. Perhaps that is testament to why these stories have lasted in the imaginations of my friends as long as they have, despite their faults.