I am a huge Godzilla fan and have seen all of the movies. This was an utter disappointment and I don't think that I will be alone after the release of the movie.
The special effects are all over the map from being respectable in one or two scenes to being just downright laughable in a lot of the others. If Toho had just carefully watched how the creators of the new Gamera films had taken care of business, this would have been/could have been a great movie.
Godzilla's history is abandoned. That isn't a bad thing, but there really isn't an explanation of where this Godzilla comes from either (actually it is almost treated as an enigma)
The effects make you wish for seeing wires as they will leave you shaking you head in amazement. If you think I'm making this up or am being too harsh, just wait until you see the movie, then go rent some of the movies that were made from 1991-1995 and tell me that they were honestly far more advanced. It is the year 2000 for crying out loud - I expected more. I think that they detracted from my enjoyment of the film.
If you're disappointed in this movie, see the new Gamera series which is far more powerful than this film. If you want to see good Godzilla, rent them from your local video store. You'll be glad you did.