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By all means, this book should be read -- it is in itself a great work of literature, and it is a prime example of Puritan thought. Be aware, however, that much of it will seem trite and worn -- not because of anything inherently wrong with Bunyan's writing -- primarily because we have all heard so many poor imitations that it will be difficult to put them aside.
However, this book still warrants a reading for the simple fact that it is a great story! I shall be re-reading this in the not-too-distant future, hopefully better prepared to dismiss the memories of the imitations and to appreciate the genius of Bunyan's allegory.
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