Cloverfield?

J.J. Abrams, creator of Lost, is now making a movie called Cloverfield (just a codename). The trailor debuted during the previews of Transformers, and from what I saw, it looks as if a monster was raging through the streets of New York City, spewing fire balls all over. While you couldn't exactly see the monster, you could hear him roaring to high heavens, and you could see fire going all over the place. It was pretty neat-o, and since I'm a fan of Lost, I'll probably check out this film as well.

Who was the monster though? Is it a brand new monster created by J.J. Abrams, or is it possibly a classic one such as Godzilla? I'm hoping for the latter, since I not only want a decent Godzilla movie (not the crap that was the 1998 film), but also because when I was a kid, Godzilla was my hero, my idol, I just used to love him to death, and always watched the cheezy Japanese films (and always skipped to the good parts).