Guillermo del Toro is bringing H.P. Lovecraft's At The Mountains Of Madness to the big screen in 2010, although it sounds like he'll be juggling duties on that film while trying to make two simultaneous The Hobbit feature films. After working with a vampire, a fairy tale, a red-skinned demon, and a hobbit, he'll be bringing us shoggoths, and it's about damn time. He also wants to stay true to the original source material which he describes as "a National Geographic special on a crew that disappeared in an exploration mission."
Lovecraft's novella was first collected in serialized form in Astounding Stories, after being rejected by Weird Tales, in the 1930s. If you've tried reading it recently, you'll find that it's filled with some pretty amazing descriptions of things like "ululating horrors" (the shoggoths, who are basically monster slave labor)) and the massive city abandoned by the Elder Things. However, it also is drier than a thousand year old Saltine cracker.
del Toro wants to film that version of the story, even though "iit's a compilation of really dry scientific annotations that happen to be annotating something really scary. There is no character or dramatic thread." So you know, kind of like Cloverfield, except with monsters that will make you crap your pants. Given his track record, we're pretty sure he'd do a spectacular job with this and keep it from devolving into Aliens Vs. Predator. Remember those giant monsters through the portal the Nazis opened up in Hellboy? Yeah, those made us crap our pants too.
http://moviesblog.mtv.com/2008/01/29/del…">Del Toro To Incite Audiences To 'Madness' With H.P. Lovecraft Project [MTV Movies Blog]