I find it rather amusing that people remember the quote about Love and Fear, but forget this passage, which occured literally one paragraph later:
Nevertheless a prince ought to inspire fear in such a way that, if he does not win love, he avoids hatred; because he can endure very well being feared whilst he is not hated, which will always be as long as he abstains from the property of his citizens and subjects and from their women. But when it is necessary for him to proceed against the life of someone, he must do it on proper justification and for manifest cause, but above all things he must keep his hands off the property of others, because men more quickly forget the death of their father than the loss of their patrimony.
In modern usage, the name "Machiavelli" is a byword for cynical, selfish scheming. In this post, a Renaissance scholar places Machiavelli the human being into historical context, illuminating that Machiavelli was not cynical so much as desirous of an accurate map of the territory, and not selfish at all but rather relentlessly goal-oriented. (The post starts slowly -- that's historical context for ya.) In writing Il Principe, Machiavelli (quite possibly unintentionally) committed to posterity two major breakthroughs, which we would now call (i) the creation of modern political science and history and (ii) the introduction of utilitarian/consequentialist ethics.
Consequentialism
In 1498, at the age of 29, Machiavelli was made a high official of the Florentine analogue of the State Department/Ministry of Foreign Affairs. His job was to shut up and do the impossible:
Modern Political Science