I just saw this and I agree it's pretty good. It's something a lot of people on this board are going to want to check out.
A one eyed tentacle monster (called a Ghota) eats a large portion of the population of a Hollywood backlot town while being hunted by an alien marshall named Urp. It's a faithful recreation of a 1957 "aliens among us" sci-fi thriller aimed at teens (right down to rear-projection used for the driving scenes). The obvious inspiration was THE BLOB.
The nice thing is that they played it completed straight; they didn't try to wink to the audience or take a superior or mocking attitude towards the material. There are still subtle moments of intentional unintentional humor, and Dan Lauria chews the scenery pretty well. Critics gave it bad reviews (I can't understand why), but the audience seemed to enjoy it a lot. Nostalgic and has an obvious love of the movies that inspired it. 3/5.