To be honest he looks more massive and substantial, and more like a monster than a dude in a rubber suit (which the original was) that said I suppose I can see Japan's point, especially given the mobility (of a sort) Godzilla had in the movies and fight scenes, this one doesn't look like it could move that way (of course it looks monolithic enough where it wouldn't have to).
I suppose maybe this Godzilla did eat a few too many cargo ships full of food, but as Sammo Hung demonstrates in his movies, fat does not mean weak.
I didn't care for the 1998 version so seeing it "punk'd" was amusing, they made it too (dare I say) realistic when the thing gets taken out by a couple of jets if I remember. The "Final Wars" scene is pretty much what I'd expect in a comparison to the real one.
This Godzilla looks properly menacing though, and from the trailers seems to have the whole rampaging monster thing down (and apparently isn't going to be taken down by a couple of pansy jet fighters). If we see him borrowed for another Japanese movie hopefully he aquits himself well if he brawls with the "real" Godzilla in a sequel.
I also think it would be amusing if they played up the "fat Godzilla" thing in a movie to be honest, Godzilla doesn't generally seem to eat much. It would be funny if we had "Fat Godzilla" running around chowing down on stuff monster style, maybe even eating a couple of other giant monsters before the final brawl.... which might end in stalemate if Fat Godzilla winds up having to withdraw due to indigestion before the final resolution (that sounds like very Japanese humor).