This film's legacy is that it was a gigantic misfire that was trashed by critics and hated by the fans it was trying to impress. I think a lot of people hate this movie because they think they are supposed to hate it. If you look at this movie for what it is, not what people wish it was, you will find that is one of the most expertly constructed monster movies ever made. Roland Emmerich is a master action filmmaker. The action scenes in this movie are clear, coherent, breathlessly suspenseful and exciting. Comparing Godzilla to the action films of today makes you realize the extent to which the filmmaking craft has deteriorated. So many action scenes now are a dull, sludgy CGI mess, with quick cuts and sloppy editing that render the action incoherent and weightless. This movie feels so grandly cinematic and epic in a way that movies just don't feel anymore. The lines between film and television have been blurred now, and that cinematic language has been lost.
The main criticism of this movie is that this Godzilla does not have the characteristics of his Japanese counterpart, which is true and valid. This Godzilla is not impervious to traditional weaponry, he runs and hides and uses stealth attacks instead of being a slow, lumbering wall of destruction, and his mighty atomic breath beam attack has been reduced to more of an oral flamethrower. But it is important to realize that a Godzilla movie had not been theatrically released in America for 14 years, the only way most Americans knew of Godzilla was through TV reruns and VHS tapes. He was simply not a major cultural force in America at that time. What was a major cultural force was Jurassic Park, so it makes sense that in order to create the largest draw possible, the filmmakers would reference Jurassic Park more than traditional Japanese monster movies, because that's what most audiences would be familiar with. Indeed, Godzilla and his offspring are more akin to a mutated T. Rex and raptors than to the big G himself. Also, the conception of giant movie monsters is fundamentally different in America vs Japan. In America, giant monsters are mutated animals on the loose, that cause a lot of violence before they are inevitably destroyed by military might or scientific ingenuity. In Japan, giant monsters (called kaiju) are immortal, indestructible, god-like beings. Japanese monster films operate much more in the realm of fantasy than their American counterparts. If Godzilla 1998 had gone for more of a traditional Japanese approach, wide audiences might not have understood it in the same way as they would a giant T. Rex run amok in NYC.
Forget expectations and cultural baggage. Watch this movie for what it is, and you will have a good time.
