About two years ago I read that book to find out what the big deal was all about. Frankly, The Road to Serfdom is not about democratic government, it's about Communism and Fascism. The polemic completely misses the point of the book: the world of the early 20th century saw many people who called themselves liberals sympathize with Stalinism (before they realized that it completely betrayed the socialist ideal) and express admiration for Fascism (they later reacted with predictable horror). The book was not about democracies but about co-opting the democratic process to gain power; I read it as warning against the Huey Longs, the Engelbert Dolfusses, the Benito Mussolinis, and yes, the Hitlers of the world, not against Democracy per se.
Yeah, he's was personally kind of a jerkwad who held what we'd consider antidemocratic views today, like limiting the franchise to the elite or supporting benevolent dictatorships (not that that's an uncommon immature fantasy among callow young econ students - and boy oh boy he got it wrong with Pinochet), but it's not worth it to get worked up about it any more than I get worked up about Lord Acton or the everyday psuedo-intellectual praising the system of China or Singapore without realizing just how sterile and oppressive those countries are.
If there's one thing I don't understand, it's why movement conservatives think of this guy as their icon. He supported government services, taxation, and a right to a basic standard of living. He had a very antidemocratic streak but that's not a conservative position per se. Ironically Glenn Beck is precisely the kind of rabble rouser Hayek warned against, because Glenn Beck's ideology resembles Hayek's vision of a free market like your gramma resembles Calvin Coolidge. If anything the hagiography should be directed at Murray Rothbard, whose anarcho-capitalism can be summed up as "the free market outcome is the only morally correct outcome" and fits these crazies better. But I'm willing to bet the Glenn Beck hero worshippers never read any of either of their books anyway, and in any case they tend to be immune to facts.