I have never seen Cloverfield for the same reason that I haven't seen The Blair Witch Project. You nailed it..........shaky video.
At 92" inches in my home theater, I don't think I could watch it.
I usually can't stay and watch when our daughter and her boyfriend are at the house playing XBOX because the motion gets to me. They play a lot of Minecraft and the lag/glitchy video (even after trying to optimize the game's video settings) makes it impossible for me to watch the screen when they are playing. It doesn't seem to affect their young eyes and brains.