The Creator Lord, who is the sustainer for His whole creation, who is the Most Merciful, the Most Compassionate, and who loves His creation 70 times more than any mother loves her child .. should that Lord be feared?
Personally I feel that God should be loved, rather than feared.
As for God Himself, Mercy is preferred over Wrath; so Love should be preferred over Fear.
It is true that there needs a place for fear, but love has much power to make us near to our Beloved Lord than fear. Instead of fear, it should be reverence, respect, devotion and attitude of awe. Truly, it is the marvel of the Creator, His Greatness deserves this attitude of awe, instead of fear.
In that same note, Wahiduddin also explained from the verses in Bible and Quran, that the translation used from Hebrew and Arabic can also be interpreted differently. This link http://www.wahiduddin.net/words/fear.htm, offers a wonderful explanation in this matter.