Saw this with the group last night and I really enjoyed it. It was like watching Godzilla movies when I was a kid as opposed to that remake in 98.
I thought there was some poor acting from the supporting cast, but Cranston's role was good. Even some of the story development issues didn't really effect the outcome or movement of the plot. It's Godzilla, we all know how these movies play out.
Some of the reactions to seeing a giant monster for the first time bothered me. Even if you are military, I feel as a human and seeing something that shouldn't exist would cause some sort of hesitation, jaw drop, etc. I've seen more people freeze on the road watching a car wreck than how some of these guys reacted to seeing Godzilla for the first time. Almost like it was a normal everyday occurrence - "What did you do today honey?". "Not much, the usual. Shot at some 350ft monsters, had lunch with the boss."
The CG was way better in this than Spiderman. This really looked like a monster tearing apart the city. Final battle was awesome. I wish Godzilla was in it more. I could see the enjoyment of viewing this in IMAX, even though we didn't. (it's a personal thing, I didn't because it wasn't filmed for IMAX cameras, it was converted and that just isn't the same for me). Did I mention the final battle???

It was a good time, a good movie and I enjoyed it. Hope they make another one.