Well, something was posted in the Cthulhu Mythos in films thread on this, and I just looked up the trailer, so here's the link:
http://www.cthulhuthemovie.com/cthulhutrailer.htm
Now, I'm a bit concerned with the casting of Tori Spelling, but it looks (from the cast information on the site) that she plays a very minor role, so she may be used to good effect here. Whether the film itself will be good, bad, or indifferent, who knows? But it at least looks like they're not trying to a) slavishly follow a Lovecraft story with no regard to changes necessary for cinematic adaptation b) use a Lovecraft title to draw an audience while completely eschewing anything to do with the Old Gent altogether, or c) making it into a splatterfest with tentacles. At least it looks like they're using the mythic ideas as a springboard for exploring their own ground (very much what Grandpa had in mind, I'd say after reading his letters more than once), and so we could actually end up with a Hollywood-produced Lovecraftian film of substance... I remain sceptical, but we'll see.