Michael Moorcock, even at his most rushed and overtly commercial, managed to give s&s a literary feel that took it away from the pulp sensibility that dominated (and to a large extent still eliminates) the majority of the (sub)genre.
Don't misunderstand me -- I am very fond of Moorcock's S&S; I just think that, overall, it is not quite as impressive as some of his other work (e.g., Mother London, Blood); but there are exceptions, such as
The Revenge of the Rose, which remains a strong favorite of mine. And yes,
The Sailor on the Seas of Fate (despite the changes in "The Jade Man's Eyes" -- I prefer the original) also remains one of my favorites. I'm also quite fond of
The War Hound and the World's Pain, though less so of
The City in the Autumn Stars, which I found somewhat problematic....
I think writers like ER Eddision and Fletcher Pratt can be, broadly speaking, brought into the s&s fold, along with William Morris, Clark Ashton Smith (an all time favourite of mine) and Lord Dunsany at least as examples of proto sword and sorcery.
I feel very ambivalent about classifying CAS as a S&S writer; his work in the "straight" fantasy field is so often either horrific or satiric in intent that I'm not entirely sure he belongs in this field in particular... yet he certainly has influenced it, at the very least. (And yes, he's a favorite of mine as well -- in many ways even more so for his poetry than his fiction, though I am immensely fond of the latter. I don't know how much of his verse you've read, but a large amount of it is simply exquisite; quite breathtaking.)
Robert E Howard remains the wellspring of the genre, of course, even if Conan was diluted by other hands as the stories were added to by other hands.
In the main, this is true, though some -- notably Wagner's
The Road of Kings -- certainly have much to recommend them.
As for such things as Kuttner's Elak stories, or Clifford Ball's brief run of S&S... these are sheer pulp, and often not particularly good pulp, at that... yet I will confess to a certain fondness for them. And, of course, Moore, with her Jirel stories, often hit a high-water mark in my view....