Agreed. The previous Dogzilla, Godzilla was not Godzilla. Like you said, it wasn't terrible... but it didn't live up to the "Godzilla" premise.
My old group of friends from High School (who, most of, I still hang out with a decent amount) were the crowd that threw huge parties (the kind that had the street lines for a few blocks). People that didn't know us would have this puzzled look on their faces because there were about 6-8 of us often watching either 1) Badly dubbed martial arts movies. 2) Monty Python. Or 3) Old Godzilla movies.
I liked the reference in the trailer to the nuclear testing in the Sandwich Islands: "We weren't testing, we were trying to kill it."