I had a lot of fun riding along with this story. Normally, I'm not usually one for satire. My main issue with satirical pieces that are so focused on a single author or subject matter is that oftentimes, they forget to actually be a story, as opposed to just a joke. That's what separates movies like Shaun of the Dead from just your normal satirical horror blah-fests; take out all the humor from Shaun, and you have a truly horrifying zombie movie. It never forgets to love where it came from. This story gave me the same feeling. Take out the humor, and it's classic Lovecraft - horrific and hopeless - and that's what made it a great story. Sure it was funny, absolutely hilarious, in fact, but underneath all the weird condoms and haughty ivy-league bashing was something pretty bone-chilling. Major props to the author, because it was obvious that this was someone who adores the work of Lovecraft, and lovingly hacked it apart to make a great piece of short fiction.
That being said, I do have a shameful enjoyment of the first Scary Movie. Guilty pleasure right there.