I don't know. Divorcing it from its consequences from the X-titles, and ignoring Bendis' fairly forgiveable crimes against continuity, I found it pretty readable myself. Let's put it this way, in terms of Marvel events it was a lot better than, to choose three at random:
- Fear Itself (tedious and nonsensical story linked to one of the worst Thor runs of all time, although on the other hand, it was also linked to Gillen's amazing run on Journey into Mystery).
- AvX (mystifyingly dull-witted artificial conflict which has divided fanbases and prompted more circular arguments than the debates over the Filioque clause).
- Infinity (liked by many, but IMO a pallid reprise of Annihilation, only without the interesting character development for classic cosmic characters but a great many more scenes highlighting that pharmaceutically enhanced squaddie, Captain America, as some kind of invincible space commander).
Now alright, most events suck. Such is the way of things. Still. For what it was, House of M had some excellent art, some nice character moments, didn't outstay its welcome, and importantly managed to get its story out without portraying too many characters as inconceivable imbeciles.
Except Wanda and Pietro, obviously
Oh, and the Captain America tie-in issue was truly excellent. In a concise 20 pages or so it highlighted exactly what IMO that character should be about - and it didn't even involve him punching any Nazis!
EDIT: It's also a bit tricky not to hold an innocent fictional character responsible for her imaginary actions - when you're emotionally involved in a franchise.