I highly recomend this book. It combines classic lovecraft stories (such as "At the Mountains of Madness") with some of his lesser known classics (like "The Shunned House" and "The Street")
I think that this book in conjunction with "Dreams of Terror and Death: The Dream Cycle of H.P. Lovecraft" and "Bloodcurdling Tales of Horror and the Macabre: The Best of H.P. Lovecraft" could be the definitive (although by no means complete) Lovecraft
collection.
Some of the stories are rascist, but with Lovecraft's background, what else would you expect.