I appreciate G'84 for a number of reasons. First and most important, it has the best "film" of any Godzilla film -- sorry, I can't come up with the proper term, but it's the difference between watching, say, Braveheart and what's known as "soap opera vision" -- the texture of the film itself. I wish I knew the technical term, and if someone wants to clarify that, I'd appreciate it. In any event, G'84 is, quite simply, the most professional-looking Godzilla film ever made -- and that includes GINO.
Then there's the tone. G'84 does a pretty good job of capturing the dark tone of the original film, and no G film I've seen since has come close.
I also appreciate the realistic depiction of world politics. Actually, the entire film has a tone of realism absent from any other G film except the original, and it works (the sole exception being, of course, the Super-X).
Now, as for whether it's my favorite portrayal of Godzilla -- no, probably not. Also, the two young leads are pretty weak in terms of character and acting. I love the professor's character, though.
I think the effects work is quite good. This is the only G film I can recall with glass skyscrapers. Also, the action is spectacular, particularly the post-revivification duel with the Super-X.
G'84 also has what I consider the best "Godzilla-rising-from-the-water" shot in any film.
Finally, there's one shot in G'84 that never fails to chill me -- something no other G film has done. It's right after he's knocked the building onto the Super-X. The camera pans past the smoking building to Godzilla, who looks demonic, backlit in red, his eyes both seeing and unseeing...and he opens his mouth and roars, slowly, twice, as if asserting his blind malice and invulnerability. It's a creepy moment, and one that seared itself into my mind. G'84 is the most "evil" and threatening Godzilla ever, in my opinion.
GMK still wins for best portrayal of Godzilla's ray, though.