I rented this out of boredom on a Sunday night, and I regret it. I love bad movies. I feel an affection for them akin to what one feels for a special education kid. They try, and fail a lot, but you appreciate the merits of the attempt and recognize it for what it is.
That being said, there is really one way to surmise this film is awful. I have survived viewing of BloodRayne and the un-MST3K'ed Manos: The Hands of Fate. I and my wife were riffing this ten minutes into the film.
The only redeeming feature in this is the story, which was unique compared the usual fare (Hollywood could take a lesson here in looking for source material). However, everything else just fell flat...face first on to the concrete.
The acting was bad, even for a B- film. The dialog was painful, the acting uninspired. I've seen more convincing effects in homemade animated films, and the editing looks like it was done by a six year old kid riddled with ADD.
Honestly, only the most hardcore of Lovecraft fans will appreciate this. I respect his work, but I think he was rolling over in his grave when they wrapped on this pickle.