He was, for better and worse, an amazingly influential artist.
He definitely inspired a lot of the 70s artists who wanted to play with the idea that momentum was the key to r'n'r rhythm. Reed abstracted that into a laconic simmer that resonated with everyone from Brian Eno/Roxy and the prog guys that followed them to David Byrne and many, many more.
As Hodu noted, his catalog included a lot of questionable choices but also a lot of fantastic music. His first solo record remains a personal favorite. As Airegin noted, he consumed a lot of heroin over the years and that had to take a toll. I can't say that his stuff has been in regular rotation at my home recently, but I still hear echoes of his work in so much of the music that I do enjoy these days.
Marty