Telika: Well, while I'm, on the whole, not a fan of CGI (for creatures, for vehicles, for organic horror, etc), my first reaction to "Doctor Strange" was : "
okay, so we may have now the tech required to render lovecraftian visions". Not that it has much to do with the "Doctor Strange" imagery directly, but, these tools applied to Lovecraft's world could start making justice to its abstractions, sensory overloads, and nonsensical geometries. Which rubber spaghetti monsters fail to.
Hm, yes, all a matter of how it's used, and how well it is used. The problem with CGI is, you need a team of experienced artists and a fairly large budget for high quality digital effects. There may be exceptions, but usually when smaller production teams go for CGI it ends up looking like crap. Bad traditional make-up effects at the very least still have a certain hand-made, retro charm, but bad CGI just looks cheesy.
But in the end it's all about the people involved in the project. As long as you have talented, creative folks, they'll manage to come up with something good, even on a small budget and regardless of the technology they choose.