While Godzilla Vs. Megaguiras is not among my personal favorites, I do have a soft spot for this movie.
Here are what I do like about this movie:
1. The intro with the soldiers running around the streets while fighting Godzilla is done very nicely. True, there is no way in heck a bunch of puny humans and their weapons can ever harm Godzilla, but still it's a very cool sequence and the music fits it perfectly.
2. Even though Megaguiras is not one of my favorite monsters, the battle between her and Godzilla is actually quite fun. I love it how she quickly disappears and Godzilla is all frustrated trying to find her LOL!
3. I actually like the Kudo character. He's annoying at times yes, but I especially enjoyed the scene where he installs his operating system and uses his little cartoon character of Tsujimori to fix the DT. I also think that he and Tsujimori have a little spark of attraction for each other

4. Oh and I also quite enjoyed the flashback sequence in the beginning, and how they inserted the millenium suit into the '54 sequences. Very well done.
5. And the music is quite awesome! Love Godzilla's new theme. I think Oshima's music on par with Ifukube's music. Very powerful and fun to listen to.
Here are what I don't like:
1. I'm a little tired of these revenge driven characters who hate and want to kill Godzilla because he/she lost a friend or loved one to him. I mean we already had this in: Godzilla Vs Biollante, Godzilla Vs Space Godzilla and also a similar situation in Gamera 3. Enough is enough

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2. I never cared for Megaguiras as an opponent for Godzilla. She's just a flying bug like Mothra and Battra and I am so burned out on flying kaiju bugs.
3. I also didn't care too much for the scene where one of the Meganulon slaughters the two couple who wanted to buy beer. I mean what was the point? And the two security guards ( who I believe are famous comedians in Japan ) who kept popping up every now and then were not funny and quite annoying.
Anyway, like I said I still enjoyed this movie and do watch it every few months or so.