Just finished watching this movie. I couldn't imagine watching this on VHS, as there were scenes where I needed the subtitles to hear through an accent or sound effect, even though the scene itself was in English.
Visually, the movie is pretty appealing. The few CG effects were very obvious insertions, but the prosthetics/creature effects weren't bad. Not perfect, but photography and editing (which were pretty good) made up for a lot. Acting was generally bad, though how much of that can be blamed on the director I couldn't say, having never seen any of the actors before. The exception, I think, was M. Gomez (Uxia). She stole every scene she had a part in, and not just because of a very pretty face, but there was something akin to an urgency to her performance that none of the others had. The writing could have been a lot better - the plot was still unmistakably Lovecraft, and plenty of Lovecraft details were written in, but I personally could have done without most of the dialogue.