UPDATE: SDCC '12: First Look At GODZILLA & Description Of Footage

Silas Lesnick: The footage pans across a city that has been utterly destroyed. We hear a voice over a radio talking about the end of the world. It looks like another giant creature's body is in the wreckage. We hear the classic Godzilla scream. From the smoke, we see something enormous. We're following a camera up Godzilla's back, showing his scales. We see his face, but it's almost a silhouette. It looks a LOT like the classic Godzilla design but with a slightly fatter face.

The narration is from Robert Oppenheimer. "We knew the world would not be the same. Few people laughed. Few people cried. Most were silent. I remembered the line from the Hindu scripture. The Bhagavad-Git... takes on his multi-armed form" (This is were we see the other, dead creature)

"And says, 'I am become death. Destroyer of worlds." That's where we see Godzilla's face and the logo

That's the narration in the trailer. It's a Robert Oppenheimer quote about the atomic bomb.

We see huge black clouds, massive smoke, and slowly it clears away revealing a ruined city. There are hundreds of crashed cars and rubble — buildings are broken in half and people are crawling over the sideways ruins of buildings. Some buildings have had massive chunks torn out of the middle of them, like when a cartoon character runs through a wall.

We see the side of something huge, like a mountain. We only slowly realize it's actually a monster. There is something like lava running down the side of it. And then there are huge CLAWS. The monnster is laying on its side. There is a huge Godzilla scream! Like a massive trumpet sounding!

And then Godzilla is rampaging through the city, trashing buildings with its huge claw. Buildings collapse. THOOM. A giant arm swipes across the city and everything crashes. We see its massive spiky back and then the trademark face. The monster opens its mouth and SCREAMS. - io9.com