Well..okay fine THAT was okay but its their commentary that made it watchable. I think the more recent Hollywood adaptations of Lovecraft's work have done rather well, I LOVED Guillermo del toro's At the Mountains of Madness. it was a VERY bleak film and it did a superb take on building the tension up and up, using light, sound and a bit of music to let you scare the bejasus out of yourself whilst the bleak surroundings and terrain (filmed in Greenland and Iceland IIRC) just added to the weight of the whole movie and of course the big reveal with the Shoggoth...superb, absolutely superb.
The older stuff with Vincent Price and the like were..okay but they have aged poorly despite them being (rightfully) lauded as classics.