What is "Cloverfield"?

My friend Peter mentioned that we missed a mysterious trailer before the start of the Transformer movie. It's called the "Cloverfield" project from Lost creator J.J. Abrams.

Finding the trailer is hard to find indeed. Several camera phone uploads from YouTube clips were taken down moments they were online. I've managed to find a clip, but it might be pulled out any time soon:

The project is about a disaster movie with a yet to be revealed premise. Some are speculating it is Godzilla or an alien invasion, but with a January 18, 2008 release, hopefully more information will be revealed soon.

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