Wasn't a big fan of his music, but I always a fan of the "idea" of the Velvet Underground and the whole subversive scene around it, along with Warhol.
His project with Metallica was hard for Metallica fans to take, but if you approached it as a Lou Reed project with Metallica as a backing band it starts to make sense, and I imagine it will have quite the cult following in the years to come.
When I saw this thread yesterday, I held off on commenting because of the rumors that it was an internet hoax. Basically a "hoax hoax". Sounds like the kind of thing Lou might have been amused by.