I really liked this movie, it seemed to follow the Lovecraft story well and seeing Maria Ford running around totally nude for much of the film did not hurt either.
I'm really surprised they even got funding for this, considering how terrible the first one was. I'll admit it's a better movie, with the addition of John Rhys-Davies and an underused David Warner, but it's far from great. Also features that obnoxious cliché of the naive beautiful woman who acts like a mentally retarded amnesiac and falls hard for the first average jackass she lays eyes on.