Sorry to omit previous discussions....
I don't think Wolfe jumped the shark with Pirate Freedom. I thought that it was an interesting story as well as an exploration of good and evil in a much more violent world. The narrator is unreliable, of course as most are in Wolfe. It seems silly to state that involving time travel immediately implies a poorIy written story. I even liked the Wizard-Knight series. I found "The FIfth Head of Cerberus" to be unenjoyable - the story too thin and the narrative layers too complex.
As for "An Evil Guest," I didn't like it because it wandered all over the genre map, so that it seemed incoherent. The Lovecraftian elements were pulled out in the end without enough foreshadowing, and I could not find a character with whom I could empathize. However, I think I need to reread it based on some insights brought up by this mailing list. It's a bit like seeing "Rosencrantz and Guilderstern are Dead" without any knowledge of Shakespeare. You can admire parts of it, but it seems a bit incoherent. I am still looking for some key understanding that will make AEG make more sense.
Kieran Mullen