That'd be Original Video Animation.
Personally, I'd prefer a 26 episode run myself, or better yet, something spanning 40 or 50 eps. They don't make 'em like that anymore. (At least, I haven't seen many long-running anime series recently)
Now as for the show itself, I'll probably sound like a broken record, but I sure as shootin' don't want to see it go down the moody and angsty road. That sort of thing is okay for yer Evangelions and whatnot, but for a Godzilla cartoon, I'd love to see one done in the same vein as Godannar, only without the fanservice.
Lots of mayhem, mecha, and monsters - because really, that's what anime is all about anyway.