I think this was less a movie version of the book but a re-make of the 50s movie - (starring Gene Barry and also set in the USA). The effects were good but I am not sure that it really succeeded in adding much to the book or the earlier movie.

This director usually manages some original touches but seemed to fail this time. The tentacle scene was well done (if overlong) but did remind me of a similar scene from The Abyss.