I'm gonna have to give it the full 5 stars. First of all, the illustrations are excellent both in terms of evocative style and in layout (one per page), which capture the horror feel better than nortmal cartoons. This is a proper graphic novel!
Secondly, the text itself, delivered in a quintessential 50's / Dashiell Hammet type of Noir. Not the jumbled schizo lingo where different writers (or translators) have been brought in to provide piece-meal illustrations of the pictures, but as a consistent literary voice. It really brings the lead character, Kolchak, to life (perhaps even more so than the TV series?)!
The one weaker point is perhaps the mystery at heart and the show down itself. Basically just another Innsmouth style raid into sea caves to machinegun deep ones. Then again I'm not that taken with Lovecraftian horror, but to me it was all the peripheral things (local colour and details) rather than the plot itself that kept up interest.
Anyhoo, for 5 bucks, you should definitely get this inspirational masterpiece.