Well, it's not C'thuluh. Here's something I dug up:
"Loose lips sink ships. So they say! According to reports from AICN,
FilmStalker and The NYPOST we have the lowdown on the film. First off JJ Abrams was reportedly shooting scenes of the film at Coney Island and the owners of Coney Island leaked the following about the plot:
"It's about an alien that wipes out all of New York City…The footage is taken the day before everyone dies. A bunch of kids come to Coney Island with a video camera. The movie is a flashback to that day."
On top of that then
AICN hits us with another interesting plot point on how the story will be told. According to them the
movie will begin with a rescue team finding a camcorder with a tape in it. They hit play and the movie starts using the footage on the camcorder. Sounds ... umm... odd. "