@american_flag: I actually think its one of marvels better events if you read just the core book in Trade form.
House of M is a moral debate about whether it would be heroic to allow utopia to exist if you knew it was a lie. its similar to the concept of matrix. everyone gets what they want, everyone is happy, but wolverine knows the truth because his wish is double bladed sword, he gets to remember everything for the first time in his life and thus is able to remember true reality. what is the most heroic thing? to allow everyone to be happy or the truth. The writing is great and the art is brilliant. the core series is therefore one of the better marvel events.
the problem with House of M is three things:
1) the pacing is super slow from issue 2-5 in order to allow the world to build up and to explore the ethical debate (because its a debate that cannot be resolved by punching everything in sight all the time). As a trade the book your not forced to endure the wait between issues, thus the book flows better as a result.
2) This was made only worse by the tie-ins which also went nowhere and disputed the regular story lines. I think nearly every marvel title was affected by it, not just the avengers/x-men books.
3) the outcome. the illogical depowering of mutants. Marvel dug themselves into a hole by choosing to have certain character effected by the depowerment and others some how not effected.
For those I completely get why it resulting in people looking on the event in such a bad light. that said, if you complain the ideas explored in the main series to recent marvel events like AvX, Original Sin, Axis, fear itself etc you'll realise House of M explored them in vastly superior way.