I saw Cloverfield last night. I liked it a lot. The audio was incredible.
The only things I didn't like, was that #1, cell phones typically don't work when stuff like this is going down, let alone underground in a subway station, and #2, I would imagine the amount of power still available to the city would have been much more interrupted, plunging the city into a complete black out, save for battery powered auxiliary lights.
Other than those too things, the movie was quite entertaining, and I am glad it ended the way it did.
Bart