Anthropologist here; Mircea Eliade is from a different era and the value of his contributions are more philosophical then anything else. Really he presents a different way of considering religion and ritual and the way it functions as a schematic cultural power, particularly his work on origin myths, the sacred and profane and cyclical time. He certainly does not come correct if its historical facts you want to glean from his work, but its good (and fun) to read nonetheless and you will learn something of value.
'Myth of the Eternal Return' is still a cracking bit of theory and I would highly recommend you pick up a copy regardless of who says what about it. Also you should read the text that you want to discuss instead of relaying the second-hand opinions of others.