http://www.callofcthulhu.com/
This call of cthulhu game has been in development for forty billion years now, it's up there with DNForever. However, the CoC game has an approximate release date and their website is being updated fairly frequently with information. Anyone else really peeing their pants with excitement?
I'm not really familiar with Lovecraft's work to be honest, but I'm interested in it, and the CoC game looks like it's going to be the bees knees.
It sounds like it will be quite different from most other FPS type games being released around the same time too - more an adventure than an action game or pseudo-RPG. The team seem to be making the game quite slow paced and a little more realistic than most are used to and leaving the player fairly weak. I really like the idea of insanity effects, although Eternal Darkness on the GC had some rather irritating ones.
There are many video clips of the game in action around the net, most of them showing off a very dark, gloomy and frightening world. Sometimes the graphics look a little primitive (sometimes not) but who cares as long as it's not all polish and nothing underneath?