Saw this last night too with a free Regal ticket. Strangely they didn't advertise it as a special engagement which it was — no trailers and a taped q&a with Patton Oswalt after the film. Definitely fun for those who like elevated B-movies, he screams about alpacas a
lot.
I grew up in Rhode Island, and as a result I was super into Lovecraft as a teen.
Color Out of Space was easily a top 3 of his as far as I'm concerned, but this adaptation sort of treats it as a bad acid trip. Honestly, I'm down with this, Lovecraft's paranoia is rooted in xenophobia, and Stanley's late-night horror flick twist seems like the right move for this particular story. The whole thing is a bit of a mess at times, never fully depending into camp, or trying to play it straight, but settles in by the climax.
As
@EvanBenner mentions lots of the Lovecraft adaptations are crappy "indie" fan films, and this certainly felt better if less Lovecraftian.
My favorite recent Lovecraftian films remain Alex Garland's
Annihilation which borrows the premise of this story, and
The Endless which really punches above its budget to capture the Cthulhu vibe. This feels like a sleazier take on Carpenter's
The Thing which isn't bad!