I actually like Cloverfield. It was a unique step forward in the film entertainment industry, and the only other movie that was like it in any respect was The Blair Witch Project, which, in my opinion, was horrible.
Also, a lot of people were/are complaining that the camcorder perspective ruined the film (motion sickness, sudden and abrupt ending, etc). If it was taken from a stillcam, it wouldn't be the same movie, and the same people would be complaining about how unrealistic it would be. I liked the camcorder because it took into account the normal citizens view on a crisis.