Some believe that the movie is based on the "Call of Cthulhu" myth by H.P. Lovecraft. Since nothing is really being said about the production of the film, this can't be verified, but it seems to be the case. There is so much hype for this movie that I hope it lives up to it as well. Don't be surprised if they wait till the very end to show the monster.
Blair Witch + Godzilla + Friends = Cloverfield