The H.P. Lovecraft Literary Podcast is a fairly new podcast concentrating on discussing H.P. Lovecraft's stories. The show is weekly and coming out on a regular basis at the moment. The regular hosts are Chris Lackey and Chad Fifer, who I believe are assoicated with the H.P. Lovecraft Historical Society.
Each week the presenters discuss one or more Lovecraft stories, with the stories being taken in chronological order. There are excerpts from the stories read by a variety of readers. The discussion is by Chad and Chris with occasional guest presenters, taking a light hearted look at the material and Lovecraft's approach. They do take into account the context of the period and mention the influences upon HPL and his circle. The most recent episode at time of writing is no 15 on "From Beyond" and there is a great enthusiasm for the story and HPL in the discussion.
The sound quality is good as the presenters are professionals in the media industry and downloads from the podcast's own website or iTunes are reliable and fast. There is good use made of sound effects and music in the episodes as well.
I recommend this podcast highly with the only caveat being the presenters do not take Lovecraft's output entirely seriously which is an approach that makes sense to me as like most horror fiction there is a tendency to absurdity. This is particularly true of the weaker earlier works discussed to date. If you want to hear straight readings of H.P. Lovecraft stories then some are available free at Yog-Sothoth dot com or the Cthulhu podcast