Have not read the new edition, no -- haven't yet received my copy. However, I did read both novels several years ago (about 17 years ago, iirc), and finally picked up my own copies of the same editions about 2-1/2 years ago, though I haven't reread them yet. My response to these is, first, that HPL's comments are pretty much on target here; and also that, despite some of the mannerisms of the period, they both achieve a remarkably powerful atmosphere and make for quite good reading. Certainly not "modern" horror, no... but I'd say that's all to the good in this case. (And no, I'm not averse to all modern horror; I just prefer it to be done well.)
Now... what about Machen? There's a lot of material to cover there, some of which is, frankly, not worthwhile; much of which is interesting and well-written, but may not be germane to the discussion here, and a certain percentage of which stands deservedly among the classics of the field, such as "The White People". I'd even claim a pretty high place (though not as horror) for "A Fragment of Life"....