I hope you've either read the HoM stuff before, or are prepared for some disappointment. There was a lot of junk tied into that one (I think the Avengers was the best of them).
The only Marvel Comics I've read to date are New X-Men vols 1-4, Astonishing X-Men 1-3 and Elektra: The Hand. I want to get all the House of M stuff so I can read it once, I'll sell of what I don't like. On that same note, I probably won't keep all the New X-Men stuff, I like Morrison, but sometimes he is really confusing, and I HATE Kordy and Quitely's art. Frankly, they both suck.
My cousin recently got a Captain America Omnibus and the three Death of... trades. I've heard nothing but good things about the Ed Brubaker stuff, so I'm tempted to pick those up myself.
Just my opinion, but Morrison's X-Men is not a good place to start with the X-Men canon. His cerebral-fluff stories are better suited to Vertigo characters, not the franchise that kept Marvel afloat. Morrison's high point was "Arkham Asylum" and that was some time ago.
Chris Claremont can be wordy, but he defined and created most of the X-Men we love today. Uncanny X-Men between issues 100-250 are just top notch stuff.
....I'll step off my soapbox now.