I was trying to make a Cthulhu 3D model. I deviated from the description a little on the feelers and gave mine some teeth. This is my first real attempt at organic modelling in Blender.
Don’t bruise me too bad, but what do you think? 
ok, it’s looking good, here are some steps i would take:
- generally things like that have a shinier skin, though yours may not, if it does, try turning up the specularity and tweaking the hardness
- the texture is kinda basic, is it a procedural marble tex? if so, try finding a nice texture off the internet, or if you have the skills, make on in photoshop.
- that part where it switchs from pretty flat to the bumpmap needs a transition, the bumpmap looks like it’s cutting off.
- it needs a good background.
that’s the first things i’d do. that looks like it will be some fun to animate. 
Not bad,
I’d add suction cups all over the inner side of the tentacles, and make tentacles thinner at tip.
You need the rest of the body 
Stefano
Being a huge fan of H. P. Lovecraft, I’ll reply also
IMO, there shouldn’t be mouth, it kinda spoils it, and as somebody already said, the skin should be shiny and wet looking. More feelers too, and no pupils in the eyes, the pupils make it look too human. Plain red glowing eyes would be better. And the textures aren’t very good, IMHO.
But the overall shape of the head is good