I'm bit late coming into the conversation of Lovecraft, as well as reading Lovecraft, but the whole
Cloverfield/1-18-08 doesn't and has never really sat well with me. Maybe it's my hesitation towards the games(see viral), but also enjoying the Lovecraft film festival that has been going on here in Portland for more than a few years now.
link
This year there was a film apltly titled
Cthulhu that delved into the mythos. The film wasn't too shabby and quite unsettling. Ultimately, I feel that this film will most likely be more effective.
I'd recommend those interested in Lovecraft to check out this film.
link
(And, yes, that is Tori Spelling in the film too, but she is quite bearable.)