Actually, you're wrong Eye Sea. For this movie, at least, I preferred the shaky-cam style. I saw this at the cinema, and found it really enhanced the dramatic feel -and my involvement- in the film as it did help me buy-into the feeling that I was there as part of the group. They do a fairly similar thing at the start of Saving Private Ryan and that too, makes those beach scenes feel much more real to me. I'm not saying I would want to watch films in jerky-cam all the time, far from it, but (for me) it worked on Cloverfield, and certainly made the monster-in-NY experience more thrilling and exciting than, say, the static and pedestrian camera work on Godzilla.
It's obviously not your thing, that's fair enough; and I'll admit the visuals do lose quite a bit of their intended atmospheric effect when transferred down to DVD/TV size, but that still doesn't automatically make it a worthless venture just because the style doesn't appeal to your palate. I think it's good when film-makers try out a different approach now and again. This one didn't work for you, maybe the next one will.