This is big news for horror and movie film geeks. For all of those unaware, Lovecraft was like the Stephen King of his time. Creating moody, psychotic worlds filled with eerie creatures, demons and demi-gods hell bent on taking their anger out on the world.
In my opinion, Del Toro (who was attached to direct the The Hobbit for producer Peter Jackson before bowing out) hasn't created a bad movie yet. Some of my favorite works from Del Toro include Mimic, The Devil's Backbone, Pan's Labyrinth, Hellboy and Blade 2. If you havent seen any of these films check 'em out espeically Backbone and Labyrinth.
For many older horror movie directors, Lovecraft's work has served as inspiration for many of their visions including John Carpenter (who filmed In The Mouth of Madness), Stuart Gordon (who filmed Dagon), Del Toro among others.
After reading about the announcement - and never reading this particular story - I was intrigued enough to search for it online.
Oh yeah, another plus (or negative, whichever way you view it) visionary James Cameron (Terminator,Aliens, Avatar, Titantic) is set to produce - which means we'll get some very meaty visuals courtesy of Digital Domain, which was founded by the Oscar-winning Director.