Doesn't perform miracles. Does entertain.

Rating: 7/10 (24 January 2008)

Cloverfield won't change your life. It might make you puke in a movie theater, which I guess could be life-changingly embarrassing, but aside from that you'll leave this film the same person as when you entered.
That said, it does what it sets out to do admirably.
The first few minutes of action are extremely intense, very heavily evoking 9/11 memories for better or for worse. The film keeps a fast pace from that point on, but never again recreates those initial moments of fear.
The characters are likable, realistic young New Yorkers who are established ~quickly~ and effectively. Their behavior throughout the film fall somewhere short of realistic and there is heroism to a degree that seems sometimes unbelievable, and yet... people do heroic things in times of crisis. I'm inclined to believe that some people (not most people, but some) would indeed do what our main characters do.
The "camera work" is a mixed bag. It's sometimes very effective and fun (the beginning and the military scenes are stand outs). It's also frustrating at times, and occasionally feels like it's try to save budget by not showing us what we obviously want to see. Overall I think it works in Cloverfield -- it gives the film a unique sense of immersion -- but I would not want to see this approach overused. It will become one-note very quickly.
Without giving too much away: the ending is a shock. It will leave some viewers frustrated and others impressed. I was impressed. I thought it was ballsy and unique, and I appreciate its purity. I do not blame people for being annoyed by it, however.
Overall I enjoyed Cloverfield. It's a rush. It's funny and honest and likable. It's different. Give it a look, but temper your expectations: it's just an action flick, folks.