It took a couple months, but I finally finished this magnificent bastard. Actually, I had gotten through more than half of it in a week. The early appearances in Werewolf By Night, Marvel Spotlight, Spectacular Spider-Man and the first arc of Hulk Magazine were great. Fun and action packed reads. Sure, the four identities thing got a little tiresome and some of the Hulk reprints had dark type on dark caption boxes, but it was all entertaining. The only downer in those issues was a reference to a four issue Defenders arc that wasn't collected here.
Then we got to the last few issues of Hulk Magazine reprints and the first 10 issues of Moon Knight's first solo series. This is where I really slowed down. The Hulk stuff was okay, but repetitive. The big problem comes with the solo series, particularly the change in origin being very clunky and the fact that Bushman is an incredibly lame, incredibly boring arch-enemy.
But even with those criticisms, this is a great Essential collection and Moon Knight is probably the perfect title to read without the colors.