The rebirth of the Monster Movie genre?

This is a trailer, taken in a dark theater with a handheld camera, of the Cloverfield trailer that was shown with the Transformers premieres. There was a good quality version on Youtube for awhile, but Paramount has taken it down.

Here's what is known about it:

• It is directed by JJ Abrams, who is currently best known for doing Lost. He is also slated to direct the next Star Trek movie, and to tie this into comics in some convoluted way, he is also rumored to be doing an adaptation of Stephen King's Dark Tower novels, which have already been made into a comic book series.
  
• It is going to be released 1-18-08, or at least that is what everyone assumes from this website, which is the only official anything put out so far.
• From the looks of it, it is in the same style as a classic monster movie. Godzilla was a flop and killed the genre, but hopefully they are making an attempt to revive it, and I can think of few who could do that but JJ Abrams is one of them.
• The monster is called The Parasite, according to imdb.com, who attacks New York City. The entire movie is supposed to be shot with home movie cameras to give it a very terrifying real feel.

CG