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You know... Lovecraft did have stories about vampires, wolfmen (two legs!), fae (Nodens), and even undead zombies. Just sayin.
Anyways, this is by no means meant to be anything more than a fan project. We only keep the Lovecraftian names and terms out of our love for the source material from which it is pulled. They are by no means necessary and can be generified if you wish, but the Lovecraft Mythos itself is far from written in stone. There is next to no "canon" definition of what any of the gods actually are let alone what the desire.
As for those that want to BE huge monsters, where is the fun in roleplaying one of those? Especially in a WoD setting type game. Sure, you will be able to take on those forms eventually or temporarily, but being as a god among men loses its novelty pretty damn quickly, I assure you. A game without tension and challenge is no fun.
As for creating your own custom horrors and Gods, of course we will have the ability for that. Currently there is:
Cthulhu: Communion, Mindscape, Dreamscape
Yog-Sothoth: Dreamscape, Superposition, Polymorphism
Shub-Niggurath: Polymorphism, Corruption, Mindscape
Hastur: Dreamscape, Violation, Hypergeometry
Nyarlathotep: Corruption, Communion, Hypergeometry