Dread Central claim to have an inside source on the “Cloverfield/1-18-08” project who has talked a bit about the monster we can expect to see:
“It’s not Godzilla or Voltron (duh) or even Cthulu; anyone expecting there to be some sort of elaborately detailed backstory may be in for a disappointment.
Expect an old-fashioned monster movie retold in a very modern Blair Witch sort of way – but with a twist. You see that giant monster that emerges from the ocean to begin laying waste to New York City … it didn’t come alone.
Much of the movie will revolve around the characters fleeing for their lives, not from the big one stomping the city, but from the “raptor-like” smaller versions hunting them down.
Word from the start has been that this would not be a mega-budget movie and the digital effects work needed for a giant monster trashing New York City would no doubt cost a heck of a lot more than street level action of people being chased by smaller monsters.”