Abrams get Cloverfield with Matt Reeves

The Times has a link to the trailer for the JJ Abrams vehicle, Cloverfield, which appears to use digital video to portray the effect on ordinary people in a monster attack on New York (Fictionally, how can anybody get insureance in that city the amount of times it gets trashed). I hope that Matt Reeves (the director) keeps the whole thing looking and feeling like a home made affair rather than another glossy trash fest. Its due sometime in 2008. (I think the US is something like 18 January).