Sure, most of the special effects were pretty bad, but in a "makes you smile" instead of a "makes you wince" kind of way. The decision to animate the Cthulhu backstory in comic book form was both inspired and highly amusing (and I'd say was the highlight of the film for me). I much preferred the latex monster suits and practical effects to the CGI, as I always do, however the CGI was serviceable and thankfully limited.
Where the film fell most flat for me was the acting. I don't mean to imply it was bad across the board, and much of the supporting cast (including a brief cameo by Martin Starr of Freaks & Geeks fame!) was terrific. The lead role, however, played by Kyle Davis (Lil' Kev from It's Always Sunny in Philadelphia) just didn't do it for me. Sometimes channeling said retarded rapper, sometimes seeming like he was struggling to remember lines, Davis didn't rise to the level of his co-stars. Barak Hardley, doing a little channeling of his own (from Zach Galifianakis) and playing the Lovecraft obsessed friend who still lives with his foul-mouthed grandma, stole every scene he was in. Perhaps it was the fault of the director or a weak script, but Davis just seemed lost as a character for the bulk of the film. He was never bad enough to ruin it, but a little more work might have gone a long way to bumping this film up a tier.
Anyways, what it all boils down to is this: the movie wasn't amazing, but if you're a fan of horror comedies, low budget creature flicks and especially a Lovecraft junkie (and you don't mind the odd bit of indescribable terror and ancient horror), you'll probably enjoy The Last Lovecraft: Relic of Cthulhu. It may induce a facepalm or two, but the laughs outweigh the groans and you can really feel the love and attention the cast and crew put into bringing this film to life. Here's hoping the film makes enough on the home video market to greenlight the sequel (the film is part of a planned trilogy), because I for one can't wait to see more Lovecraft-inspired hijinks on the big (or little screen). Oh, and the sucker face monster? Brilliant.