Yet I have noticed recently that the received wisdom isn't accepted by everyone.
I recently read Jo Walton's An Informal History of the Hugos. She says this about Dick: "I have read half a dozen assorted Dick novels and hated all of them. I can see that he's a very good writer, but I can't stand the way his mind works."
Tyler Cowen posted a list of his ten favorite science fiction novels last year (in response to a request for me; it's a rather good list). In the notes below the list, he writes, "Philip K. Dick is 'idea rich,' but basically a bad and overrated writer."
Cowen recently interviewed political scientist Henry Farrell, who is a Dick admirer; after some good discussion of Gene Wolfe the interview moves on to Dick. Farrell's remarks are worth quoting:
So the best of his creations, if you want to think of the best as a novel, I think is The Transmigration of Timothy Archer, which is plausibly the only genuinely good novel that he wrote, and also is the only novel that has a sympathetic and interesting female character in it. But it’s not his most important work. I think it’s good at showing that towards the end, he managed to get some kind of a sense of himself from outside and a perspective on his struggles with mental health, which clearly were both a driving creative force for him and a source of much personal agony and destruction.
I think that the works that are most important are Ubik and Martian Time-Slip. Both of these are the quintessential Dick novels about how it is that reality can break up and what it feels like to be in that kind of world.
I've read none of the three books Farrell mentions. I have myself read about half a dozen Dick novels (about as many as Jo Walton, I guess). My favorite by a considerable margin is The Man In the High Castle. I also liked Do Androids Dream of Electric Sheep? I read Now Wait for Last Year about a couple of years ago and it did little for me. I read The Penultimate Truth and maybe 1-2 others a long time ago. I have Valis sitting on my Kindle and hope to get to it soon.
Incidentally, Cowen's "Conversations with Tyler" podcast is quite good.