The biggest strike against Moon Knight as I see it is his derivative nature. The multiple failed attempts to fix him and turn him into something unique have only resulted in confusion and an overabundance of barnacles.

When first conceived, he was a werewolf hunter and a potential ongoing opponent of Jack Russell, the Werewolf By Night. Unfortunately, most of Marvel's werewolf characters (all two of them) are sympathetic, making werewolf hunter a job for a "bad guy."

While some effort could have been put forth into making lycanthropy a rampant menace in the Marvel Universe that this one guy is out there fighting alone (see also Rom: Spaceknight) Marvel decided to go in a different direction, making Moon Knight more of a conventional crime-fighter with distinctly pulpish overtones.

While he resembles Batman to a very great extent, he in many respects more closely mirrors the Shadow in his use multiple identities all arising from a world-traveling, mercenary original, his use of aircraft, great resources of wealth, and a reliable supporting cast of civilian-types who go into battle alongside him.

Certainly Siekiewicz's capable and beautifully done aping of Neal Adams' style helped cement MK's reputation as a second-rate Batman imitator. I vaguely recall the writer at one point feeling that his editor had tricked him by suggesting the Jester as a villian in an upcoming storyline, thereby creating a "Joker" type scenario for MK. Even for the people creating the book, the resemblance was too powerful to fully escape.

Mental instability (another trope often associated with the Batman, at least in interviews and behind the scenes) became more prevalent as a theme and MK began to confuse his multiple identites, something that was not much of a problem for his predecessors, making him look like a bit of a weak sister, as is often the case with Marvel characters who allow themselves to become besieged and tormented by their own self-created problems and neuroses.

He was then reinterpreted as a mystical crimefighter, operating as the avatar of an ancient Egyptian spirit, turning him, somewhat ironically, into a second-generation copy of Doctor Fate, who, as recently discussed, also has been victim to too many "bold, new creative directions." We then moved onto armored versions, crazy versions, & short-lived stints with the West Coast Avengers (not the real team but rather the branch office...) Nothing about the character has ever said "top drawer."

I myself am a big fan of Shanna, the She-Devil, who has had some excellent stories and artwork in her various appearances, including some black-and-white work by Tony DeZuniga during the Marvel Magazine era. Like Moon Knight, unfortunately, her influences and precedents are worn a little too close to the surface. It's nearly impossible to see her and not be reminded of Sheena, just as it is difficult to see Moon Knight and not get a flash of Batman.

Despite some excellent creative runs, Moon Knight is still perceived as a second-tier knock-off character, much like Hyperion, Thundra, or Nighthawk, and as such is unlikely to the acheive lasting success many of his fans feel he has earned.