Yeah, I saw it last night. Oddly enough, I liked it. The entire movie took place through the eyes of a personal camcorder. Now, this helped to make the movie more intense. I never saw the Blairwitch project, but from what I hear, this movie did the camcorder thing a lot better than that other movie. During long, running away sequences, they cut the filming so that you didn't have to watch a bunch of shaky footage of people, well, running away. A lot of the actual filming was done in New York, too, and the parts that obviously weren't (because of massive architectural destruction) you couldn't really tell. Even the baddies (not Godzilla, for those of you who heard otherwise) looked real, rather than CGed. The baddie is a giant bug who spawns many tiny bugs that bite people, who then explode after a little while.
The story itself wasn't overdone, and neither was the horror factor. It was still a little cheesy in parts, but not in a bad way. I can't say, "Go see it." But I can't say, "Don't see it." either. make your own decision, especially now that I've told you all of the secrets.