Although it is not mentioned by name, this is quite clearly The Color out of Space. And Lovecraft is even listed as one of the writers. This is not a bad take on that story, and it makes it a great deal more human than it could have been. I think the casting is quite good, and the direction is clearly very competent. Some of the effects look a bit too watery for my taste, but I think that it came across as unsettling enough. The movie does have its issues, but I believe that this is one of the better takes on this material, and it does make itself very creepy, which is lovely to see.