I'm a big Lovecraft fan and I do agree that a lot of Lovecraft fans can be a bit...extreme...but I think it's a somewhat understandable to make comparisons between this film and Lovecraft's work. A lot of the similarities discussed cover it pretty well. I know there is an explanation for the creature in the film, but it sounds like the explanation of a logical person trying to make sense of an illogical situation.
The fact is, this film is perfect for projection (in the psychological sense of the word). I saw this film when it was first released, and -- only being 12 as well as unfamiliar with Lovecraft at the time -- accepted the given, "logical" answer as such. Now, watching the film so many years later, AFTER having become such a huge fan of Lovecraft, I can easily say that this film has a Lovecraftian "monster". It's a giant, tentacled beast that attacks a ship in the Pacific Ocean, much like in the Call of Cthulhu. Still, as was stated, sea monsters aren't Lovecraft inventions. Factoring in additional details such as unnatural intelligence can lead one to think it's something more than just an "oversized sea creature".
Again, it may not have been created as a Lovecraft-inspired film, but it does fit into the Lovecraft mold pretty easily -- if a Lovecraft film were shot as a dumb summer action flick along the lines of a Stephen Sommers or Michael Bay film.
My reviews and more random musings @
http://asinynepov.blogspot.com/
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