Eh, I remember being really excited for it as a kid. I loved watching the old Godzilla movies when they'd show up on TBS during the summer. Plus, it was from the director of Independence Day, my favorite movie? I was sold. Needless to say, it didn't live up to expectations, even then. I liked the buildup they had for it, with Nick globetrotting while tracking it down. The footprint and seeing the boat carved up were great moments. Even the initial reveal and attack was amazing. But turning Godzilla into a generic lizard that just wanted to lay eggs and then to turn it into a bumbling action comedy trying to rip off the popularity of Jurassic Park with the whole Madison Square Garden sequence was terrible. From then on, it just got even worse.
I've rewatched it a few times over the years and own it on blu-ray, but it pales in comparison to most Godzilla movies. That being said, I think it's better than many Toho Godzilla films. I'm looking at you, Son of Godzilla, All Monsters Attack and Godzilla vs. Megaguirus.