I find that "Masters of horror" is a good continuation of the style of independent short horror stories that was the trademark of "Tales of the crypt" (among others). They share many similarities, one of which is the very irregular overall quality, with some remarkable episodes that are scary fun to watch many times, and others that are simply embarrassing to watch as episodes of a show that is supposed to bring you the best of horror by many film-makers who earned a reputation in this genre; but still, most have some redeeming quality, be it the irresistible campiness, a good story (though badly developed), or decent acting. There were few episodes which I personally found boring (having said this, I would advise anyone to stay away from "Chocolate").
Some episodes feel a little too long, while others ("Deer woman", remarkably) would have benefited from a good quarter of an hour more of running time. Most have at least some gore, many have varying degrees of dark humor, and there's a good amount of sexy contents, too. What stands out most and links this show to the aforementioned "Tales from the crypt" is that most episodes have this underlying feeling of poetic justice and that the "bad guys" get what they deserve, which is quite refreshing.