Their first teaser trailer is up:
So far I like what I see, pretty impressive for a fan film.
I'm still not digging their Godzilla design, don't know why they went for that look since to me it looks more like Zedus (from Gamera the Brave) than Godzilla, but everything else looks really good!
Hopefully the film will be available online someday, would love to check it out if/when it ever gets finished. Hopefully Toho won't shut them down.