the giant alien in the movie looks like a monster in Dungeon Siege II -- you know, one of those lurking around Zaramoth's Horns?
the approach in presenting the story is not new. the "Blair Witch Project" also made use of the "this is the footage from some video camera we found somewhere where in the characters die and this is like their last few moments" technique. (although in cloverfield, one of them survives.)
J.J. Abrams does a good job of telling a "human" story despite its setting being a bit fantastical. (think "Alias", and his take on the "Mission Impossible" franchise)
The movie did not appeal to most of the people in the cinema I wastched in. Most were going "Yun lang?" or "'di ko naintindihan yung film..." and we wonder why thought-provoking films with avant-garde techniques don't quite sell here in Las Islas Filipinas.
I was amused about the sign posted outside the cinema explaining that since the film was shot using handheld cameras, some footage might cause nausea. Cloverfield was a visual rollercoaster all right...