I honestly expect this to be the most faithful adaption to Lovecraft's work in any sort of media bar the amazing black and white fan films for The Call of Cthulhu and Whisperer in Darkness.
They're working very closely with Chaosium who have produced the pen and paper RPGs for decades and are VERY passionate about Lovecraft, his message and themes and his mythos.
This game shouldn't disappoint from what I have seen and read. Very excited.
Ive always been of the inclination that a setting is lovecraftian as soon as the protagonist is thrown out of his depth into a situation that reveals truths about the universe that are indescribable, maddening and terrible to behold. This situation SHOULD usually end with the protagonist slowly succumbing to madness or psychosis of some sort and even death. The story usually does not end well. Dead Space, Conarium, even the new Resident Evil to an extent are games that I find to have great Lovecraftian influences. Movies such as The Thing, In The Mouth of Madness, The Ninth Gate (in my opinion) and more recently The Void (amazing movie) are all hugely inspired by Lovecraft's works.