So, I'll admit, I came to True Detective largely out of my interest in Lovecraftian horror- someone on a mailing list I'm on mentioned that he was watching it, and that, in episode 2, a character started babbling about the King in Yellow and Carcosa... and that tends to get my attention pretty quickly. So, I picked up the series, and mostly stayed for the story, acting and cinematography, like most people. I think it's a pretty solid series, so far, and I think the extended serial format is going to be interesting, since there's a definite start/middle/end, with no pressure to extend the story- I wonder if we'll see the revival of the rather maligned miniseries, given television has supplanted cinema as the place to be innovative in your filmmakng and story telling.
That said, a lot of my friends, and myself, are as interested in the "Will they or won't they" take the story in a Lovecraftian turn- after all, the story is framed in a rather Lovecraftian way- protagonists telling the story of an investigation in hindsight, not in unfolding time, and how fucked up Chole has become- a drunk who gave up an intellectually challenging job for menial work and self medication- and a lot of our speculation involves if Chole is going to go to Carcosa or have a similar glimpse of horror beyond time and space, or if the bad guy is just crazy and really liked weird tales before going nuts. (And how much of what we see is real/the truth/a polite fiction, how much of it is being told to the modern investigators, etc., etc,)