I've got it, right now, borrowed from a friend. It's amazing. Cthulhu is stop-motion - the way he should be - and Ry'leh is a perfect non-Euclidian jumble of German Expressionist forced-perspective art direction and dripping seaweed - the way it should be. The score is also fantastic. Extraordinarily close to the classic short story, and highly recommended to any avid Cthulhu completist.
Connecting two threads here: maybe an activity for TONMO Con II could include a screening of this sure-to-become cult classic? And maybe a possible introduction before the film regarding the essential characters, themes, and settings for the non-Cthulhuists in the group? Any takers/volunteers?