In re: W. Shakespeare
Shakespeare's language can appear flowery, overcomplicated, and numbingly verbose, but it has to be compared to the language of the day. Run-of-the-mill Elizabethan and Jacobean prose was loaded with neologisms and taken over by a Latinate style which is truly horrible to read. Shakespeare looks like Hemingway next to it.
Much the same may be said of Swift, whose language in his own day was relatively clear, clean, and strong.
Granted, Shakespeare stole his plays' plots, but, as with opera, nobody goes for the story. It is the performance that matters. And there are some great moments in Shakespeare which come alive on the stage in a marvelous way in the hands of a great actor.
Shakespeare did treat Richard III badly, but the character's physical deformities are supposed to represent his internal twistedness. Writing for Henry Tudor's descendants, Shakespeare could hardly be expected to say anything nice about Richard (see Braveheart for an even more twisted portrayal of a truly great English king).
As for racism in Macbeth, it is a witch who adds the "liver of blaspheming Jew" to the potion. The witches portrayed in the play are hardly to be seen as arbiters of religious orthodoxy. The Merchant of Venice, despite its portrayal of Shylock as an actual human being (a first for the stage), is indeed antisemitic. I do not think Shakespeare can be given a pass because he had probably not met any Jews; he used a stereotype for his own purposes, much the same way that movie producers do today. It is just as bad artistically and morally, not to mention just plain lazy.
"For he today who sheds his blood with me shall be my brother..." Anybody who wrote the Saint Crispin's Day speech cannot be all bad, can he? 
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Cato
-Ignorantia delenda est.