Good points, dude. And I agree that It Was a Pleasure Then is a total classic- probably more influential on all of those Japanese noise-rock bands, especially Keiji Haino, than most of the Velvets' stuff.
Here's a good article doing a side-by-side comparison of most of Cale and Reed's stuff: http://www.furious.com/perfect/calereed.html. Not sure I agree with all of it, though. He rips into MMM for one, which is a perfect LP for blasting out the cobwebs to or just zenning out. It's music that's gotten so dense that it almost goes full circle and becomes ambient.