I was thinking today, it would be cool if Godzilla got a reboot that was made in Japan, but produced by a Western producer, similar to how Cloverfield and District 9 had big producers attached to them. This would not be another "American" Godzilla movie-- it would be very much a Japanese production (with a Japanese director), but with a budget of around 50 million dollars (which for a Japanese Godzilla production is VERY big) and a US producer to make sure that it's being spent in the right places.
The plot would probably be a little more international with one or two Western actors to provide a culture bridge. The special effects would be VERY high production value for a Japanese Godzilla film, but it would still use actors in suits w/ some minor CG enhancements (such as composting from blue screen onto real-life / CG enhanced backgrounds) and stuff like that. Basically, the charm of good ol' rubber suits, but with some of the added believability of CG, all for a low-risk budget.
It would be marketed as an event film like any other blockbuster these days with a decent sized promotion campaign, so it wouldn't just be a foreign production getting a US release. Like I said, this would have to be a big pet project like District 9 was, and it would also be an opportunity to give a lesser known foreign director some exposure in the Western market. It would be a REAL Godzilla movie, but it would also be a well-polished, "big budget" (or big budget looking) release.
Maybe Peter Jackson and/or Richard Taylor would be interested in getting involved with such a project?