It is Godzilla.
Now that that is out of the way (it seems to need to be explained to both those who love and don't love the movie--especially a certain type of critic) Godzilla is a movie with more good than bad. It takes a while to get to the monster attacking and smashing part but that is sort of a tradition in this sort of movie. In fact, this movie gets to the monsters much faster than the old school versions.
This movie is also far more coherent than the old monster movies and certainly better paced and constructed than the dubious 1998 remake. The most valid complaints about the movie might be; a) it needed more Brian Cranston b) it needed more Juliette Binoche or c) it needed more Godzilla.
This last complaint might be valid but if you make a movie with monsters fighting for an hour and a half it might get a little repetitive. In this film some instances of fighting are cut of, and action implied. It handles this well--more extended fights are really not necessary.
I have a soft spot for all the old Toho Studio films but they have more of a kitsch factor rather than a "good" factor. Sure, the original 1954 Godzilla film was unique and sort of a landmark but the rest of their output was not great filmmaking for anyone over 10 years old. We remember them fondly and they remind us of a time but they are (mostly) not good movies.
This Godzilla isn't really an updating of the genre. It essentially does the same things as the original; it builds to a big conflict through smaller conflicts, it points out the hubris of humanity vis a vis nature and it has a tiny bit of a personal story to weave it all together.
Another thing is that giant monster movies are often downhill once the monster is revealed. Here they avoid that pitfall by giving little reveals right in the credits.
It is not a reinvention but is just a bigger budget version of the old formula. That is a good thing. Giant monster movies deserve big budgets every bit as much as super hero films.