A fabulous interview/analysis in the Guardian by a guy named Hari Kunzru. Moorcock looks a lot like Fidel Castro these days... Cool quotes:
In contrast to the rural decencies of Tolkien, Moorcock's writing belongs to an urban tradition, which celebrates the fantastical city as a place of chance and mystery. The wondrous spaces of M John Harrison, China Miéville, Fritz Leiber, Gene Wolfe and Alan Moore are all part of this, as are Iain Sinclair's London, Judge Dredd's Mega-City One, the part-virtual cyberpunk mazes of William Gibson and the decadent Paris of the Baudelarian flâneur. Like these other urban fantasists, Moorcock delights in a kind of sublime palimpsest, in imagining an environment that through size, age, scale or complexity exceeds our comprehension, producing fear and awe.
Elric, a decadent albino weakling, is amoral, perhaps even evil. As a not-so-metaphorical junkie, Elric allowed Moorcock to revel in unwholesomeness, and helped return fantasy to its roots in the late romanticism of the decadents, a literary school close to Moorcock's heart. ... Elric is part Maldoror, part Yellow Book poseur and part William Burroughs; within a few years of his first appearance in 1961, British culture suddenly seemed to be producing real-life Elrics by the dozen, as Keith Richards, Jimmy Page and others defined an image of the English rock star as an effeminate, velvet-clad lotus-eater. Moorcock was very popular among musicians, and it's tempting to see him as co-creator of the butterfly-on-a-wheel character, which still wanders the halls of English culture in guises ranging from Sebastian Horsley to Russell Brand.