If you like Lovecraft and good paced arthouse films you will probably get a kick out of this. It strikes me as a college film student's final project, one made with skill and passion, but ultimately supremely lacking in budget. I suppose that is a little unfair though, as good artistic expression really shouldn't be limited by conceits of budgetary concerns, but the most obvious drawback to this special is the lack of budget and lack of movement.
The pacing, framing, music, and use of color is all excellent, and the little models and dioramas were obviously put together with a specific creative vision in mind. Even if you have never read the books I would say this is worth at least one watch for the inspirational value, seeing something truly unique being done and how the limitations of budget can be worked around. The Festival is likely the best adaptation because of the fact that it has the most movement, the most interesting shots, and the body horror. Art students would hopefully enjoy this and take away many lessons from it. It's a little bit Tim Burton-esque in a way, and has a certain charm that most these days will probably miss, but it knows how to drag out tension and the fact that it can do this with little figurines is laudable.
Of course I would recommend reading the original stories first to get all the finer details. Lovecraft may have died poor and generally unknown, but his cosmic horror has exploded in recent decades into the horror of the future. Most people know Lovecraft now, and the works he has inspired continues to grow at a rapid pace. Some low IQ individuals (like those writing not recommended reviews) may hate him for his love of his own people, but they cannot fight against his rise. The same mongoloids who would criticize Lovecraft's in-group preference are the same hypocrites who would never call out other - darker individuals - for their own in-group preference. Naturally, you cannot argue with a midwit leftist mind, you cannot argue with twisted logic.
Lovecraftian is the horror genre of the future, and he will only continue to get popular and those using cosmic horror will continue to grow.