HP Lovecraft stories are notoriously difficult to transcribe onto film. Most film versions of his stories have been disappointing. However, in this case, the filmmakers have managed very well. It is true that the locale of the story has been transposed to Germany and that a few plot points have been altered. Nevertheless, this film is very faithful to the original and, more importantly, maintains the eerie and paranoiac atmosphere for which Lovecraft was famous.
Although widely acknowledged as one of Lovecraft's best stories, "The Color Out of Space" was not really typical of his work. It contained more elements of science-fiction than most of the author's stories did. Some have speculated that he was attempting to describe the effects of radiation. However, that seems unlikely in light of the fact that the story was written in 1927, when such phenomena were not yet understood.
Some may criticize the fact that the film was shot in black-and-white. however, given the fact that the subject described as nothing more than merely a color, a color that no one has ever seen before, and which no one can describe, there really is not any other way in which the film could have been made.
Those expecting a normal sci-fi horror film may be disappointed with the slow pace and relative lack of "action" and spectacular special effects. However, it should be understood that this is entirely faithful to the manner in which Lovecraft wrote the story. Don't look for any vampires, werewolves or other monsters here. This is an eerily atmospheric story in which the horror creeps up gradually and silently, and is never really fully understood. However, it is well worthwhile staying with this movie because the story will grab you.