Heya guys, well the perks of working in a theater paid off again tonight as I got to preview the movie (in an empty theater) and see what all the fuss was about. This post may contain spoilers so if don't want anything ruined then leave now.
Anyway here is my little review. I found the movie to be rather good and very well done up to a certain point. The suspense of the movie kept me on the edge of my seat most of the time, and the format in which the movie is shown is a really great.
RATHER BIG SPOILERS BELOW
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What makes the movie so suspenseful is it's shot from a handheld camera's point of view. It makes you feel like you're in the middle of this attack, and makes it look really realist....up to a certain point. I would say 90% of movie looks "believable" , however, at a certain point they do a "OMG I can't believe they did that stupid thing" part. From this point forward several things happen that make the movie lose alot of suspense. The good thing is this part is very close to the end of the movie. In the end I give the movie a 6 out of 10, the ending could have been far better, and the movie leaves many, MANY unanswered questions that leave you with an "incomplete" feeling. However I will give props for the realistic feeling of the movie, and for the sound effects and camera work. I would recommend seeing it if you don't have to pay to much. Runtime is 84 minutes (no trailers) for those that want to gauge how much life they wasted.

MONSTER SPOILERS
The main monster is not Godzilla, nor is it a Kraken...to be honest I have no idea what in the hell it is. It looks like a sea/lizard type deal, but it has the ability to somehow spawn little insect critters that help increase the suspense. These little critters look like Starship Trooper "Bug" rejects" though.
Here is a pretty good blog review.
http://www.cloverfield-movie.com/blog/Enjoy.