It's an
American version of Godzilla.
J/K!!!!!! I really couldn't resist.

Sorry.
I respect Hillary. I really do! No flames, please!
J.J. Abrams Speaks, “We Need Our Own Godzilla”
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“Do you think we’d call it ‘Monstrous’?” J.J. Abrams teased the Comic-Con crowd Thursday. “No.”
Abrams wouldn’t cough up the real title of his mysterious January flick, but he did give his own explanation of the movie, remembering a recent trip to Japan.
“We need our own Godzilla.”
Constantly referring to the project as “This movie”, Abrams showed the now-famous teaser, promised that a title would be forthcoming, and unveiled a new poster with a headless Statue of Liberty to the Con masses.
Source: MTV Movies Blog
JJ Abrams Comic-Con News
JJ Abrams comes out and in extremely rapid-fire fashion he tells us, “I wanted a monster movies, and had taken my son to Japan, and there were all these Godzilla dolls everywhere. However,
I decided we needed our own monster. We’re not showing any footage, but we’re almost done shooting, and I think you’ll love it. We aren’t revealing a title today.” The audience booed just as you are wanting to throw your mouse against the wall. “What would you think if we called it Monstorous? Anyhow, we’ll see. We have a new poster out, and you’ll be getting that today. I can’t wait for you to see this.. Bye!”
Source: Vendor Scoop
Btw, JJ Abrams is also filming Star Trek XI movie.

Coming for Christmas 2008.
