To be honest, I never really considered the classic Godzilla and the 98 Godzilla as the same thing. Still the 98 version is awful, but I was never really offended by the idea of it. I think it is a movie that gets worse and worse in hind sight. The more you think of it the worse it gets, and it wasn't that good to begin with. But to its credit, there were a lot of sick visual effects for the time, and it did have some appeal as at the time, destroying a whole city was a newer trend.
Again, I am hardly defending that movie. I think the original Godzilla movies, as well as the ones following 98 had their charm, but who knows, maybe they will take a chance and we'll get a sick Godzilla 2. That at least had the balls to make this a Monster Vs. Monster movie which I hope becomes more of a trend.