Just got back from seeing it. We were at Barro's before the movie when I had a discussion with the waiter about it. He informed me that JJ Abrams only produced it. I thought he freakin' wrote and directed it. When I learned that I tried to get my wife to watch a different movie, but I had sold her hard on Cloverfield and now she was determined.
So I actually went in with much less anticipation and enjoyed it for the most part. Except for the handheld. The movie's been over for 10 minutes and I'm home in front of my computer and my wife is tearing the house apart looking for some anti-nausea medication for me. I seriously feel like I'm going to hurl.
My wife, on the other hand, the one who gets car sick on any drive over a minor hill, is perfectly fine. She loved the movie. Thought it was awesome. We both loved that there were jolting parts we weren't expecting. Have to say, after seeing how the whole thing had been edited, I anticipated the ending.
Really felt uninspired by the writing or the acting. Mediocre IMO. The motivation for the main character was weak. If Abrams had written it we would've had more of a Sawyer/Kate moment -- or at least a Jack/Kate moment -- in the first 20 minutes, and the entire audience would've been more emotionally invested in the rest of the plot line. I felt THAT'S what was really lacking from the movie, not all the other stuff our two big critics in this thread are bitching about. Those two guys should just go rent Godzilla and get over it.
At least someone in Hollywood tried a very new way to tell a story. The comparisons to Blair Witch are surface only. This was MUCH better done. Blair Witch was done by hacks. This has much more of a professional touch to it. The underlying story, while a bit manipulative in its overt references to 9/11 and the theme of our tightly controlled and comfortable worldview being destroyed in a heartbeat, actually means something and makes relate to the characters somewhat. The Blair Witch Project ... there were no heroes, there was little for me to care about. I never cared about those characters for a moment.