Yeah that trailer in front of Transformers was cloverfield 1-18-08.com
I don't think it will be that good.
Its gonna be like a Godzilla and Blair Witch Project blend.
Godzilla cos there is one big monster (that you won't ever really see) and lots of smaller Raptor like critters running around.
Blair Witch cos of the handheld amateur camcorder footage, could even use the footage found approach to structuring the film.