We went last night and saw it. I figured if it really turns out to be one of the few monster movies to make it to the big screen of late, i had better catch it and let my boy catch it as well.
Well, it scared the bejeezus outta my son! Not throughout, just some moments. Ironically, those moments happened to be the ones with the parasitic,
smaller monsters in them. And being the monster freak i am, i have to admit to wanting to see more of the monster. I literally had to hold myself in check during the course of the movie by reminding myself "this is how they wanted to do it and how it would be filmed by a Joe Blow from Kokomo so go with it".
You have to go into it with that mentality to fully enjoy it. My son kept trying to draw the inevitable Godzilla comparisons. And of course there is some. The monster itself looks like Orga and has semi-Megaguirus-style parasites. But a huge difference is this one is shot PoV - which is what makes it as scary has it is. You don't see giant panoramic shots of the battle between man & monster; you see what Joe Blow is filming. So if said monster is bearing down on you while you're running from it, guess what? You don't see it.
This movie will definitely put horror back into the monster movie genre. And the ironic part of that is - semi-realistic human drama is now construed as horror! If you take this film at that value. Now i'm not going to go into details and questions (even though i have a couple), i'm going to wait until more people see it. I will say if you get motion sick due to jostling cameras, you might want to read the book

.
There should be no immediate plans for a sequel to this if they do it right. This is a touchy genre, and people are already used to Godzilla coming back over and over. They need to let the hysteria (as it were) of this one penetrate audiences enough so demand may require a sequel. Other than that i think they accomplished what they set out to do so they should leave it (and that is actually hard for a monster freak to type!).
Additional notes: 1= i saw nothing splashing down into the water in the last part of the film as one or two previously mentioned and i was even looking out there expecting something (i may have just missed it); 2= i stayed beyond the end credits - what is supposed to be there? All i noticed was additional camera/film static; 3= The romance angle is SOOO lame, but i guess they were trying to appeal to a more diverse audience.