I was very impressed with Cloverfield which is an experience so far this year matched only by I Am Legend. It got a truly innovative storytelling approach, and that at a time when my skeptic mind wonders if Hollywood got something fresh for us. It also possesses superb sound, and a superb creature/super-Godzilla.
The movie is similar to I Am Legend 'cuz:
- both got conservative use of action visual effects (though more so here since we are only given brief views of the fabulous monster)
- the visual effects of both movies are seemingly flawless
- both are disaster/horror movies set in New York
- by the time the end-credits roll, one is left salivating for more
As to which is superior, I'd vote I Am Legend since Cloverfield got some annoyingly unrealistic sequences, which is a pity considering how the movie is presented. That Cloverfield weakness is however more than well-compensated by the wonderful acting and direction, all pretty realistic, and that's before the unnamed monster begins its rampage.