Just watched this today on DVD. I'm not going to bother with spoiler tags since it's been out for months now, and if anybody is reading 9 pages into this thread they obviously don't care about having it spoiled:
1. I hated the camera guy with a passion. His dialog was horrible and out of place. I'm not sure if they were going for comic relief or not. If so, that was a bad decision. Either way, this character was poorly-written.
2. The writing in general sucked and made the entire film entirely predictable. As soon as somebody says "Oh, it's just a bite," then you know its venomous or parasitic or something. When they say "Wait for us; we'll be on the next chopper," you know that's the last time they'll be seeing each other. "Turn on the night vision:" Gee, I wonder what we'll see now. Then you have horrible expository dialog like "Hey, the rats are all running the same direction, like they're running away from something." Oh, okay. Thanks. I didn't notice that on my own

Nothing really surprising happened at any point in the movie, and every moment was telegraphed well in advance.
3. I know movies like this deserve some suspension of disbelief, but the idea that they all go back into the city just wasn't credible to me. Maybe other people bought it. Once they got to the apartment building and found it semi-destroyed, it's hard to believe that actually make their way through it, or that they would even choose to try.
4. Having said all that, I like the premise of doing a movie from the POV of some poor schmuck stuck in the middle of a Godzilla film. That was a nice twist on the genre.
5. The effects are excellent.
6. One last complaint: The movie should have ended with the helicopter crash. In fact, I thought that
was the ending at first. Everything that happened after that felt tacked on for people who needed to have closure on all the characters. Blair Witch is a better film than Cloverfield for this reason, at least IMO.
Overall, it was worth a rental because of the idea behind the movie and the good sfx execution. It needed better writing and a less-meandering ending. Definitely an above-average horror flick, but that's it.