Looks like a cool tribute to daikaiju films and the giant-mecha genre. Conceptually silly and outre, of course, but that's part of the charm of kaiju films. Yet some of the best ones have an element of gravitas to them at the same time, or at least convey an effective sense of menace and devastation. This looks like it has the potential to capture that.
The kaiju emerging from the depths of the Pacific is a nice tribute to the original explanation for Godzilla's origins (that he was a member of a prehistoric species that had survived in the deepest recesses of the Pacific for millions of years before being displaced/mutated by atomic tests). The way the Jaegers are airlifted into battle reminds me of Kiryu, the Millennium-series version of Mechagodzilla (although those two movies were pretty lame compared to the '90s Godzilla vs. Mechagodzilla 2
, one of the all-time classics). I bet there are a lot of other easter eggs and homages too.