I find that with subject matter such as what Lovecraft and Stephen King put out, it really depends on who's telling the story. King is so intricate that most of what I've seen is really lost in translation, or poorly realized.
With technology as it is today, I think a lot of what we've previously read can finally be realized...in fact, I'm quite certain that Samayel's final form in Hellboy can be traced directly to representations of Cthulhu himself...either way, I can't say for sure that I'd watch a Lovecraft movie. His short stories were disturbing enough!