http://blogs.guardian.co.uk/film/2008/01/should_cloverfield_be_retitled.html is a thinkpiece about what Cloverfield might entail. It's quite reasonable and level-headed, right up until the very end:

"There is a point where all the teasing and twisting is going to have to come to an end and audiences presented with an Actual Movie to watch. And if that movie features even more shaky handheld footage of unseen monsters and explosions with no apparent cause; if that movie leads us on a two-hour wild goose chase without offering any pay off; if that movie meanders around, switching from one shiny object to another before finishing suddenly without any explanation, leaving us to drift out into the night bemused and baffled, with no more idea of what went on than we had six months ago, I am personally going to firebomb the fucking cinema."