There have been so many attempts to expand of what Lovecraft wrote - and it usually falls short.
That is not the case this time. Sure, it is not a shining jewel of a movie by any means, probably due to lack of budget.
That said, long parts of the movie is carried by Neil Dickson and his wonderfully written monologues. There is several nods to other movies, and despite being filmed in Belgrad - something that usually show actors without much talent, that is not the case this time.
Some scenes ( like the shower scene ) goes on a little long and are oddly edited, while other scenes are perfectly edited.
Scenery and music and CGI are ok - and some of the makeup is quite good.
I would have liked more of the backstories of the characters filmed, with hints of what happened before the movie - instead of just having it narrated, but i get it - that budget again.
In the end, due to acting and well written story, any lover of Lovecraft should not miss this. If you have a date with a girl that like a little horror, but thinks the usual slasher movies are a little much - this is perfect.