I just got back from watching Cloverfiled with a couple of friends (including @tonybgoode) and all I can say is WOW.
This movie is going to combine a number of stories into the most vibrant "Godzilla"-like move for the YouTube Generation. With a proliferation of digital camera, mobile phones, movie cameras in HD - Cloverfield coherently carries you through the first seven hours of an experience that is only hinted at in the trailers.
I can not tell you anything that would disrupt your enjoyment of the movie - but you certainly should watch carefully on the upper right hand corner of the final scene (and you will know what that is) and see the connection (and a potential Easter Egg - listen carefully at the very end of the closing credits - here is that recording played in reverse by @tonybgoode).
Be ready for 70 minutes of handheld video action (the first 10 minutes are the basic setup for the rest of the movie) and then go along for the ride. I have seen disaster, horror movies before, but never with such a successful melding of fantasy action, destruction and character drama. As I wrote on my twitter post, Cloverfield is the Godzilla that Sony wished it had made.
Cloverfield is a fun, popcorn movie - worth the price of admission and suspension of disbelief.
Way to go Matt Reeves, J.J. Abrams and Bryan Burk.