Watched this movie subtitled a few days ago. I've seen the dubbed version a few times, but never cared for it that much. a lot of it was wanting to see the giant walrus that was edited out of the US version (and rightly so, it's not needed at all).
it's better subtitled, and of course looks great in a widescreen format, but it just doesn't do that much for me. it's a good movie, don't get me wrong, but it doesn't grab me like other Toho movies do.
the miniatures are awesome though, as are the effects (duh, right?).