One of the better HPL adaptions...
Would Lovecraft like it? Probably not, he wouldn't want anything less than a 1:1 adaption, I'd guess, that's if even he wanted a movie done at all.
But I think it captured the gist of the story (Shadow Over Innsmouth) pretty well. The town (and towns folk) were creepy as hell. The protagonist felt like an outsider, which I think is what Lovecraft always felt about himself. I think the gay aspect sort of helped this. Clearly he thought of himself as an outsider of the town, even though he was from there (in the movie), whereas in the actual story, he really was from out of town .
It does really miss the best part of the story, the frantic flight after being holed up in the hotel room.
And the ending seems rather ambiguous. Did he kill his lover or not? I would guess he did (since in the story the protagonist embraced his Deep One-ness), but why? He's just condemning himself to thousands of years of mating with Tori Spelling. Maybe that's scarier for a straight man (since we know how awful she is), but I would think just the general idea would be repellent to gay men.
And really, unless she financed the movie or something, why was she even in it? Anyone would have been better than her. She only plays herself. It's like casting Mr. T in a serious movie as someone not Mr. T. Yeah, it worked in that Rocky movie, but he wasn't famous then. She really hurt it, I thought.
(The Ressurected is still the best by far)