Let’s get right to the point: it’s good. You should see it.
Surprisingly, they use the film as an excuse to provide a satire of government bureaucracy. Every scene includes a self-important title telling us who is speaking and where the scene is taking place, even if it’s a hallway or elevator. The Godzilla scenes alternate with a comedy of buck-passing, inability to take action, pompous and ignorant declarations about what will happen, foolish deference to position, and general government ineptitude. As such, it clearly targets the Japanese response to national disasters such as their tsunami and Fukushima. At the end, there is also a particularly pointed section about being a nation under the guardianship of the United States.
You do have to adjust to the conceit that in this film, they have never encountered Godzilla before.
Don’t be put off by the frankly shitty look of Godzilla in the trailers. The movie finds new ways to keep him interesting, gives him some shocking variations on his established powers (check out the next-gen fire-breathing), and bring the shock and awe in terms of mass destruction. This Godzilla is no friend to man, and he really kills people and the destruction is treated as horrific. When they have to resort to purposely toppling skyscrapers onto him to slow him down, you know this is a knock-down, drag-out fight.
So you get what you want in terms of the super-fun destruction that is awesome in the true sense of the word, and the rest of the movie is not stupid and is involving, although it goes on too long. See that shit.