Gareth Edwards' Godzilla is nothing short of amazing. It was executed so well that I'm not even sure if Toho themselves could have made it better. It was the first raw sci-fi/action movie I've seen in a long time (beside Pacific Rim, of course).
That being said, it wasn't perfect. The first hour or so of the movie was build up in the story. We get to see very emotional acting from Bryan Cranston, which was wonderful, but some of the other characters didn't exactly have the same effect. The acting was still very good. There was much more character development than I thought was possible in a modern Godzilla film.
Another problem I found was that "human" element of the story was clunky and rather inconsistent. But I will cut some slack because I didn't go to see it for the human side of the story as much as I did for Godzilla himself.
It's worth adding that I just smiled during the whole battle of Godzilla and Muto(s). It just made me so happy to see monsters smashing each other. It gets that nerd blood pumping.
Overall this movie is amazing and is definitely worth spending money on. The flaws are small enough that are easy enough to overlook. From the emotional beginning to the moment you hear the big lizard roar, this movie will give you chills.