It's rare when a movie is able to live up to it's hype and anticipation but CLOVERFIELD does just that.
The movie is told entirely from the perspective of a single video camera, with several different people taping that eventful night when a giant monster attacks New York City.
It begins with a going away party for a guy who is relocating to Japan, then ends with the survivors of the group taking refuge beneath a bridge in Central Park as the Army bombs Manhattan. In between are quite a few harrowing encounters, such as when they travel down the subway tunnels and encounter a batch of small, ferocious monsters (which may be the big creature's offspring or just the equivalent of lice) to when they try to rescue a girl trapped on the 39th floor of a collapsing apartment building.
Other than in GODZILLA: MONSTERS ALL-OUT ATTACK, this is the first time I've seen a movie that shows the devastation done to all the fleeing people as the monster rampages through a city. It's both creepy and effective. The characters are all interesting, so there's a connection there, and plenty of edge-of-your-seat action (or running).
As for the monster itself, it's exactly what the American version of Godzilla should have been, though this creature resembles more the monster from THE HOST than it does Big G. It is suitably ferocious and intimidating.
CLOVERFIELD is definitely worth the wait. It's among the best giant monster movies ever made.