Lovecraft, like his contemporaries, could never have seen how far we've come, but one of the overwhelming fears that dominates his work is the idea that humanity will go too far, learn too much and doom us all.
>The sciences, each straining in its own direction, have hitherto harmed us little; but some day the piecing together of dissociated knowledge will open up such terrifying vistas of reality, and of our frightful position therein, that we shall either go mad from the revelation or flee from the light into the peace and safety of a new dark age.
With science blazing a trail deeper and deeper into the mysteries of the universe, how long can it be before the new dark age?
As for the rest, that works as well.
Y'Golonac, who I've heard interpreted as, in a roundabout way, humanity's "Great Old One", will be loving the speed at which degenerate and abhorent pleasures can be found online. The memetic mind-virus Hastur can now spread far faster and further than when his only vector of infection was through plays and direct conversation. And, quite obviously, Nyarlathotep is always watching and all of this is, no doubt, part of His plan.
Something's just occurred to me. Maybe the internet, the increasing interconnectedness and interdependence of man, is our first step along the road to God-hood ourselves. Humanity's future might well involve hooking ourselves into a collective uber-network and ascending into the ranks of the Great Old Ones themselves.