In response to your question Sam I have to say I watch movies for entertainment & entertainment only.If I go into critical analysis then I could nit pick many things which could make a good movie look average.Hence I choose not to & leave it purely upto it's entertainment value.I will be very honest and say that I have watched perhaps the shittiest of movies & might have found them funny.It's something which I can't describe but it just clicks.
*SPOILER WARNING*
Now coming to your query raised on Cloverfield.When I had first seen Cloverfield's trailer I thought it would be yet another cheesy monster rising from the sea & then military going all gung-ho on it's ass.In the end monster destroyed & we all live happily ever after.Well I was mistaken.The first half really made it look very realistic but the latter half was a bit overdone.The parts which I really hated was the monster suddenly jumping & attacking the very chopper in which Rob & party are making their possible "exit".That part killed the excitement & made it look like Godzilla attempt.The parts which were very well made were:
A.) when the first attack strikes the building in which Rob is having his farewell party.
B.)The destruction part on the streets
C.)The Head of Statue of Liberty blown away.
D.)Being attacked by those smaller aliens in the tunnel
E.)People being evacuated via Brooklyn bridge & Jason being squished.
The first 40-50 minutes were very exciting.Heck I even liked the part till they rescued Beth from her apartment.But then the end,which had to eventually boil down to the romantic "I Love You" part ticked me off.So yeah there are times when you feel like this movie could have been so much better.I personally felt the end could have been much better.Overall the whole run-with-the-camera thing was a good perspective from mundane "monster" flicks.This is what I liked about Cloverfield.But then again that was just my opinion.