We can, right here. I thought it was better than most films based directly on Lovecraft's tales.
I watched it before I read Lovecraft, and even then I was attracted to the unnatural kind of horror the baddies offered.
I watched it after I read Lovecraft, and I felt those unnatural horrors of other spheres were fairly faithful to the concept, with questions of the power of faith and what is reality injected for a more casual horror fan.
It helps if you don't see it as being based on Lovecraft. I thought it took some elements of his stuff and developed them well.
I'm procrastinating on planning a birthday party, so I don't have time for the attention I'd like to give to it --I'll try to get back to it after this weekend. But real quick:
1. You're absolutely right in that it was probably better than any Lovecraft adaptation --which is saying little, since they
all suck horribly. I think it failed as a film. Successul elements aside, it just couldn't stand on its own, and propping it up with tropes from other horror/science fiction giants didn't help. Maybe there's a good way to mix Lovecraft with Stephen King or Philip K. Dick, but this wasn't it.
2. You probably saw it the way it should've been seen,
before reading any HPL. I saw it long after reading, carrying all my baggage right in with me.
3. I think it was more intended as an homage to Lovecraft, and I disliked it for the same reasons I dislike it when any other author tries to capture the spirit and mentality of someone they don't fully understand, even if they're fans of it (August Derleth being the original example.) I'm hard-pressed to come up with a director who's frankly crazy enough to do Lovecraft
well (I hear Guillermo Del Toro's giving it a shot at some point, although my own personal jury's still out on that notion.) I'll think of someone eventually.
4. The closest John Carpenter ever got to a great Lovecraft flick was his remake of
The Thing. And while the story & movie it was based on wasn't Lovecraft per se, the original influence is obvious. (sidebar: did you ever see his
Prince of Darkness?)