I am also EXTREMELY surprised by the sentiment in this thread. Eraser stands, for me, as one of the best albums of last year, perhaps bested only by The Decemberists' The Crane Wife. IMO, the music was well crafted and showcased what are some of Yorke's most memorable and powerful lyrics. I don't have the education in the genre to rate its worth in the canon of electronic music, but as far as Radiohead; Eraser > Pablo Honey, The Bends, Amnesiac, any day of the week.
Edit: As a caveat though I should add that I agree that it is obvious from Eraser that Yorke is not the sole creative voice in Radiohead as the full band at their best add layers of depth, complexity and meaning beyond what Yorke is capable of producing alone.