Interesting concept, but flawed.
There is technically nothing wrong with this movie.
It just fails to be scary.
It's not scary, but then I'm not typically very scared by horror films. I did think Jake Busey was pretty creepy, but as for the actual monster, I guess most people probably won't get very frightened by it.
I agree there's nothing technically "wrong" with it. I very much enjoyed it, but more as a "fun" kind of thrill ride than anything scary, disturbing, or unsettling.
"every time godzilla loses to mothra I die a little bit more"--Godzillaswrath