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I don't know why people are saying he wouldn't be appreciated today - he is more popular now that he ever had been in his lifetime. Not even close. He couldn't even sell out a 500 copy hardback of his stuff.
I also suspect most of his detractors have never really sat down and read Lovecraft carefully. He does frequently "show" in his books, but generally only after a long build up. It really depends on the story - if it's trying to shock you with a description of a monster, that part happens at the end - if there's another twist, that happens at the end and the showing takes place much earlier.
And as to the summarizing thing, I know he did it in some stories, like Re-animator and Lurking Fear, because it was written over many parts for a magazine and he had to re-cap at the start of each episode.
It's also not true that writing styles have changed. For whatever reason, writing/language has more or less frozen around the 1920s (maybe earlier). When HPL sounds archaic, it's because he's deliberately choosing to be tying to set the mood.
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