A nice attempt, but I think this would require strong actors to pull it off. As it stands, the trailer reveals a lot of overacting and exaggerated features... Which I suppose is necessary for silent/caption driven films. However, in todays environment, it looks like nothing less than hokey.
Frankly, if there were a feature film adaptation of The Call of Cthulu, I'd probably want a director like Ridley Scott or someone who can capture the psychological and horrific aspects of the story without delving into slasher film nonsense. And, it would require some strong writing talents to adapt the short story as Lovecraft, who was abysmal with dialogue and told the reader everything, had next to no dialogue in the short story and a rather thin (but very unsettling) plot. Really, when I think about it, the only film I've seen that captures the kind of brooding horror that I think is appropriate for CoC is the original Hellraiser. To know that there are still things in our modern world that we know and never will know everything about and that some of those things really are beyond the conceptualiztion and understanding of humanity.
Anyway, the trailer was not bad, but I think the final production would be korny.