Maybe it's the fever, but I really enjoyed the chaotic 1 hour and 10 minutes of it. I actually got almost the same feeling when I was 6 and saw the old black and white King Kong.
I don't know, some of the effects seemed more authentic than in more expensive movies. The monster from LOST obviously got a visible form now, and I kind of liked its The Thing type of charm. Leviathan? Less tentacles than Thing. The sound all through the last 50 minutes were really well done. The howls, beeps and all that static noise with explotions... had more impact than some of the visuals.
I give it four Godzilla's paw prints out of 5 King Kong's dung drops