LOL, yeah. There have actually been several Lovecraft inspired games, and they sucked worse than Lovecraft inspired movies.
But this one looks AWESOME!
And yeah, I noticed the cthuloid-like dude in Hellboy. There are some interesting plot-points in Hellboy that borrow from Lovecraft.
One of the big problems with doing Lovecraft in any other media (aside from written word) is that you lose so much in the translation. His works were very image laden and relied heavily on the power of symbology. That unless you're some sort of symbol nurd, you just can't grasp the scope of it all.