I was going to write this first thing in the morning, but I just couldn't wait. Cloverfield is unlike anything that you've seen before. It's truly truly awesome. I'm sure it won't live up to the hype for everyone, and there's going to be people that hate just because everyone else loves it (I'm sure C.K. will say it jumped the shark), but for me, it's one of the best movies I've seen in a long time, probably ever (I need to let it sink in a little bit before I declare that). That's not to say there aren't things wrong with it (take a dramamine if you're susceptible to motion sickness), but they are minuscule.
It's an immense, intense movie, the scope is massive, but the perspective the story is told from makes everything going on seem that much bigger. That same perspective, however, creates and insanely personal experience. It's a short movie by any standard (barely an hour and a half) but in that time you become a part of this close knit family. That's in no small part thanks to the show-stealer, our cameraman Hud. Except for a few brief moments, he's our eyes, our focus, and our frame of reference. Again, this is a very small story, and during more than a few moments there's an almost voyeuristic feeling to everything as you watch things that you know were only supposed to be between these people.
I want to say so much more but want everyone else to experience it for themselves and not spoil anything. Go see Cloverfield, you won't regret it.