Saw it tonight myself.
I was expecting a few cheers when Godzilla first fully appeared, and there was a decent amount of clapping when that finally happened. But when the breath ray came into play, almost my entire theater went berserk with the yelling, clapping and cheering. It was amazing.
Some of the complaints about the pacing have merit, but overall I never felt bored and was totally satisfied with the payoff. The Mutos, while somewhat Cloverfield-like, were interesting enemies just doing their animal thing and not really evil.
I honestly would have liked to have seen the military really cut loose on Godzilla full force, which never really happened beyond the ships firing on him at the Golden Gate. I think Godzilla was established as a "savior" against the Mutos a little too early, and that ties in with the lack of really aggressive military action against him. I can't help but wonder if there's some kind of contractual agreement between Hollywood and the US military where if you get to use military equipment, props and locations, you can't show the army getting its ass kicked too badly in a movie. This movie wasn't nearly as bad as Michael Bay's movies in terms of worshipping the US military of course, but it would have been nice to see more of Godzilla destroying tanks and planes.
But all that aside, the cinematography is amazing. The characters move the story along fine, even if they aren't very well defined beyond their expected roles. I'm honestly happy that if there's a sequel (and I think there should be- there deserves to be), then there's still room for more classic Godzilla greatness that we haven't seen yet.
Score: 8.5/10