I just got back from seeing it. Before I give my thoughts, lets say that there are two ways that you can do a Godzilla film.
A) Cheesy fun with crazy monster action.
B) Intelligent drama with strong human characters.
I was fine with either choice, but they went with Option B. Fair enough. And it starts off so well with Cranston's charactar and his obsession with discovering the "thing" that killed his wife, but when he dies and Shia Labeouf takes over the movie goes to shit. Annoying children are shoved into every scene, characters spout ridiculous exposition/dialogue, and all the human characters are generic cardboard cutouts at best. And even the monster action, which could have been the saving grace of this movie, was too little and what little there was in the film was mostly obscured by darkness and smoke.
Godzilla easily ranks as the worst film that I've seen this year and I doubt that anything will dethrone it. This was a colossal misstep and a complete waste of Cranston's talents. I give it an F.
Although, to say something positive, I don't think that anything in the movie was fundamentally broken. I think that if the human drama was improved (god damn do I hate Ford and his family. I hate them so much!), and there's an actual plot instead of nonsense filler for 90 minutes, we could have had a good movie. For those reasons, despite hating this movie, I am kinda excited for the sequels. The potential is there for them to be awesome.