I really don't think Lovecraft's stories are the best stories to base a movie on. A lot of Lovecraft's depictions are not well suited for portrayals in a movie. Take "The Music of Erich Zann" as an example. How do you recreate the following depictions in a film? I don't think you can.
"It was not that the sounds were hideous, for they were not; but that they held vibrations suggesting nothing on this globe of earth, and that at certain intervals they assumed a symphonic quality which I could hardly conceive as produced by one player."
"Yet when I looked from that highest of all gable windows, looked while the candles sputtered and the insane viol howled with the night-wind, I saw no city spread below, and no friendly lights gleaming from remembered streets, but only the blackness of space illimitable; unimagined space alive with motion and music, and having no semblance to anything on earth."
About Guillermo del Toro's movie project:
I really don't know what to make of this anymore. Last year he issued the following statement:
"I have been interviewed about this lately and wanted to post my two cents about this:
Prometheus started filming a while ago- right at the time we were in preproduction on PACIFIC RIM. The title itself gave me pause - knowing that ALIEN was heavily influenced by Lovecraft and his novella.
This time, decades later with the budget and place Ridley Scott occupied, I assumed the Greek metaphor alluded at the creation aspects of the HPL book. I believe I am right and if so, as a fan, I am delighted to see a new RS science fiction film, but this will probably mark a long pause -if not the demise- of ATMOM.
The sad part is- I have been pursuing ATMOM for over a decade now- and, well, fter Hellboy II two projects I dearly loved were not brought to fruition for me.
The good part is: One project did… And I am loving it and grateful for the blessings I have received.
The initial problem was that Universal Studios were very reluctant to fund an R rated (age 17 restricted) movie, because it would significantly restrict the audience, and thus the revenue. Then, when "Prometheus" was ready to be released, Universal completely backed out. Hollywood couldn't afford two such movies in the same decade, it would seem.
Now, on the other hand, Guillermo del Toro says in an interview that "At the Mountains of Madness" might still happen. I wouldn't get my hopes up, though. There has been a lot of back and forth about this movie project, so I wouldn't expect anything before it is in post-production.
But whatever happens with this movie, I sincerely hope Tom Cruise won't star in it. That would indeed be true horror, and not in a Lovecraftian way.
About FFG endorsing "At the Mountains of Madness":
I don't know FFG's economy, but I don't believe FFG can afford a significant endorsement of this movie. Besides, FFG makes a lot of other games, not just Lovecraftian themed ones.
About "The Pirates of the Caribbean" movies being Lovecraft-inspired:
How? Where? What? I really don't see it.