Evan,
If my memory is correct, Wayne Grudem is a 5-point Calvinist (soteriologically), who accepts a limited continuationist view of sign gifts, who holds to a Baptist view of Baptism, but, I believe, favors a more elder-led model of baptist polity. As a Credo-Baptist, he is not what many would call FULLY reformed.
His Systematic Theology has become one of the most widely used in recent years due to its readability by non-theologians. That said, it is very good. He states his own positions and defends them more definitively than Erickson, but also acknowledges more alternate views than Berkoff does.
It's definitely a good book to have around, both for study, and even for some devotions.
And to answer your first question, I think it's safe to say most serious theologians have read at least some of grudem, even if only to disagree with him.