The H.P. Lovecraft Historical Society, the people who brought you the silent version of Call of Cthulhu, has just finished their first "talkie", The Whisperer in Darkness. The trailer for which can be seen here,
http://www.youtube.com/watch?v=A_ee9K9hXtw
It also highly recommend Out of Mind from Vol. 3 of the H.P. Lovecraft Film Collection. Christopher Heyerdahl does an amazing job of playing HPL. See for yourselves,
http://www.youtube.com/watch?v=g2xpFj1CH3k
And while not outright adaptions, Lucio Fulci made some very Lovecraftian films, City of the Living Dead, The Beyond, and House By The Cemetery.
Bava also "adapted" the Case of Charles Dexter Ward both in Black Sunday and Baron Blood.
Interestingly, Bava was all set to direct an adaption of the Dunwich Horror, which was going to star Boris Karloff and Christopher Lee. Unfortunately, Bava chose to drop the project after it became apparent that the budget just wasn't there. The project limped off to England to become Curse of the Crimson Altar.
The fourth Blind Dead film, Night of the Seagulls, was based on the Shadow Over Innsmouth.
Also, there's the very Lovecraftian Quartermass and the Pit, probably the best de facto HPL flick made yet.