If you were to compare the two at the top of their game, I'd have to say Straub. Floating Dragon, Koko, Shadowland, and Ghost Story are some of the best horror books I've read period.
King has a much wider appeal, his characters are more relatable, and when his work connects, it's fucking outstanding. That being said, he's put out a lot more books than Straub. For every great book he's put out, there's two or three duds to have to trudge through.
What about Peter Straub vs. Stephen King vs Robert R. McCammon? McCammon isn't talked about as much as he should be these days, but his best work (Gone South, The Wolf's Hour, Swan Song) certainly stands toe to toe with King's and Straub's.
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Touching from a distance, further all the time.
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