Courtesy of the HP Lovecraft Historical Society - download the trailer here.
More detailed notes courtesy of Boing Boing:
This is one of those genius, word-of-mouth, Hollywood-will-never-understand-it kind of films. Made mostly with love and hard work, plus a bit of money. It's both silent and black-and-white, which gives it a great Lovecraftian feel but guarantees it will never go mainstream. And considering they tried to use only materials that would have been available in the 1920s, they did an awesome job of bringing Cthulhu and R'Lyeh and all that other gooey Lovecraft goodness to life.
Looks like a lot of fun! I think I can afford to spring for $20 to order the DVD...
[via The Invisible Library, who I found through the comments on Making Light]