Just got back from my second viewing. It definitely held up, though I still have a few issues. Overall I'd say I enjoyed it about equal or maybe even a tad more than my first viewing.
My issues: Ford and the second act. I think ATJ is fine, he's not great in this, but he's serviceable. It's his character, though. Joe Brody was of course the most captivating character, and it was really gratifying to have someone as good as Juliette Binoche in a Godzilla movie, even if it was only for fifteen minutes. She elevated the movie right off the bat. But after they die, the coolest characters are Serizawa and Stenz, and they're merely side characters. I like the idea of Ford pretty much having the "layover in Tokyo" from hell, with the struggle to get back to his family, but he in himself isn't really that engaging.
Also, the second act: I enjoyed it more on the second viewing, but I found its problem. Godzilla shows up, then we learn about the MUTO in Nevada, and things are really ramping up, getting tense. And then we tag along with Ford on the train. Now that whole sequence, when we get to it, is one of the best in the movie, but the lead-up to it, when we find we're gonna go on a little train ride with our man while pandemonium is going on elsewhere... well, it felt a slight frustrating. I heard somebody in the audience sigh as the train departed. I think that moment there is where the pacing skipped a step just a little bit.
But, of course, the scene that follows is fantastic, and the entire third act is balls, even if Ford is an underdeveloped hero (I still love that he and Godzilla are pretty much war buddies now). And, even though people in the crowd were restless, they applauded Godzilla after he finished off Femuto and applauded again as he disappeared under the waves.
Some other observations:
I freaking love the music cue as Godzilla appears over Chinatown. That weird, distressed piano chord. It was spooky. I can't find it on the soundtrack.
When the Mutos capture the nuke and Godzilla diverts his course and dives underwater, that moment when Strathairn watches the pens roll across the table inside the ship. I loved the attitude of that scene. Also gave me faint flashbacks to the Hanna Barbara crew and the Calico (hell, the whole setup of them following Godzilla around on their battle cruiser kinda called back to the Calico crew, if unintentionally).
Opening credits: I thought I spied an easter egg on the first viewing. Saw it again, and there's a shot of a public service video with a video overlay title that says "Project Monarch," and the font looks exactly like the AIP titles from the Showa Gamera movies. There's even ocean water in the background. It pretty much looks exactly like an AIP Gamera title card. Don't know if it's a coincidence...
Also, this...

