It seems everywhere I look, there's another Lovecraft thread.
As I reported in other threads, there is a strong speculation that the new movie by JJ Abrams (creator of Lost) coming out in January 2008, Cloverfield, is about the Cthulhu.
See the really cool trailer and Wiki article:
Apple - Trailers - 01-18-08 - Large Cloverfield - Wikipedia, the free encyclopedia