The Velvet Underground is one of those bands that has influenced an absurd amount of music, and will continue to do so. Lou Reed has certainly made his mark, despite having a few clunkers. Metal Machine Music is still one of the most interesting albums when you look at it in the context of the times.
I first heard of the Velvet Underground when I was about 11. I was obsessed with Nirvana and I heard them do a cover of "If She Ever Comes Now". I was playing it, and my dad said that was a Velvet Underground song. Then he went out and bought me a copy of The Velvet Underground and Nico, which blew me away. I think it's their best, even if that's a cliche album of theirs to love.
I have it, but this was 1993 or thereabouts. It's on CD, not on vinyl. The Andy Warhol cover just doesn't have the same quality on CD that it does on the large cardboard format. But even still, I would have to rate it as among the greatest album art of all time.