I won't know how to take this news until I've actually seen Monsters, but from what I've heard (effects good, but everything else is terrible/contrived/insert mean word), and how the trailer makes it look like a second-rate knockoff of District 9 with Cloverfield-style protagonists, the only reason I'm keeping an eye out for it is because I'm a sucker for monster movies, even bad ones.
As for the new Godzilla, I've been a little mixed on it from the start. On one hand, I'm a huge fan, and like seeing a new movie in the series pop up from time to time (I even like the '98 version); on the other hand, there's only a handful of decent entries, and do we really need yet another one? The original, before Raymond Burr was added in, is still the best. Yes, the effects are dated, but it outshines most modern monster movies in terms of everything that actually makes a film worthwhile (acting, plot, themes, directing, etc.).
Also, is it becoming a new trend to hand huge blockbuster films that 'reboot' established franchises to freshman indie directors? First there was that Marc Webb guy snagging the (increasingly horrible-looking) Spider-Man redo, and then Matthijs van Heijningen, Jr. doing the prequel to The Thing (why, yes, I did have to look it up just to spell it correctly), now it's this guy? I can't help but think this is a way to get cheap directors to help push these projects out the door.