OK we all know where we stand on this one. It is officially recognised as a Godzilla film despite ignoring the essence of the franchise.
As monster movies go, it isn't utterly terrible though. I think it suffers more for trying to believe it is a Godzilla film and by Hollywood thinking they could reimagine it in this way.
Regardless, as an official Godzilla film, it warrants a space in the collection for that reason alone.