The former. I don't like him at all. Well overrated...
Well, as a person he's up there with the most detestable individuals ever to crawl the earth, but the very fact that Brian Wilson, and Roy Wood, and Todd Rundgren (on the Meat Loaf album), and probably a few other great producers even thought it was worth emulating his sound shows what it was worth to them. These are not just great producers, but great songwriters and musicians too.
It's not really all that hard to do the "Spector sound" once you have enough studio skills. Wanting to do it is what makes the difference.
He peaked very early and lived on that reputation for decades. Nothing he did after about 1965 is anything special. I find River Deep Mountain High instant ear-ache and
the the Ramones thing did no-one any favours.
But the Christmas album is perfect.