Finally got around to watching this one last night. I'll give it a fair. I can remember when I heard the concept of the film, basically a Godzilla movie shot from the POV of the man in the street, that I thought it a cool idea. That element holds up. The shaky camera work is a little annoying at first but once I got used to it, it works well.
Of course it also holds up the one big problem with the basic "believability" of the film which is that no one, and I mean NO ONE would keep filming through all the events that happened to the characters in this movie. I'm thinking particularly of the scene in the subway tunnel where the dog size spider-like parasites that travel on the body of the main monster are attacking the guy with the camera and he keeps filming them even as he's trying to defend himself from them. Oh yeah, that would happen. But, this is the one thing you have to believe or the whole film doesn't work, so we're just gonna let that one pass.
Overall I think the movie makers succeeded in their aim to make the viewer feel disoriented and worried. You never really find out what was going on. And until the end of the movie you don't get a good look at the monster, so that works. I mean, if you were in Atlanta when Godzilla attacked, you'd probably never get a really good look at him from street level.
I wasn't too thrilled with the ending as it looks like the main characters died, and I hate that in a film. However, as my pal Lanny pointed out, they aren't actually shown dying. They could have dug themselves out of the rubble from the final bomb blasts and simply not found their camera. Up to the viewer I guess.
Anyway, not a great movie, but an interesting experiment. I almost wish they had told the same story, but shot it from a standard third person POV. But then I guess you'd lose the immediacy and the feeling of being part of the action.