Excellent news but not before 2011-12 at best because he just agreed to direct The Hobbit while havinf already 2 other movies in the workshop... It's been the 4th times he postponed the Lovecraft movie !! aaaaugh !!! But yes, he's probably the only one actually being able to pull it off imho !
We had been reading for awhile that there were speculations DT would go for a Loveraft movie. Im so glad it's finally happening. He's the perfect director for such a great story. He has the ability to do horror right, and not just fill the screen with bloody teenagers..bleh. We are big Lovecraft fans, so to see a really great modern telling of one of his best stories is going to be amazing.
I wouldn't hold my breath. He has been pitching this project for several years now, and now that it seems he'll be directing the Hobbit (which would be all kinds of awesome), I seriously doubt we'll see his Lovecraft movie for another three to five years, if at all.
There is simply no way it could possibly happen for 2010 if he's directing the Hobbit, which is almost a fact by now (Hell, it was basically confirmed by himself at the french premiere of The Orpanaghe, that spanish film he produced). Looks like his HP film will be delayed yet again. I don't doubt he'll do it, but it'll be a while.