Cloverfield

Cloverfield was a brilliantly concieved and executed project. It was certainly a more worthy heir to the Gojira mantle than the recent Matthew Broderick fiasco. I will warn that the intention of the movie is that it is entirely shot on a camcorder, and there is a LOT of running; my friends and I all left the cinema with headaches.
My original impression was that it was a self-limiting masterpiece (but potentially a "cult classic!"); my friend Kevin suggested (correctly) that it would lend itself well to a TV spin-off.