Yeah I thought cloverfield was really well done for it's style. If you're okay with the fact that full scientific explanations of what the monster is and why it's there aren't going to be layed out for you, that you won't get a close up of every cool action scene that happens, and that suspense will be generated through very large portions of film where not much is happening actionwise instead of from musical cues, then you should be able to enjoy it.
Also I know special effects isn't really liked by most film people, but from an effects standpoint it's really hard to put CGI creatures and actions into handheld shots, as the computer puts them in a certain spot on the screen, but the camera movement has to be recreated for the CGI characters. I know that there are programs that can detect camera movement, but I don't believe would work perfectly on these crazy shakey hand held shots, (and if they do thats quite an accomplishment on the programmer's part).
Not a groundbreaking film as this style has been done before, but a very well constructed film in my opinion.