Liked the first Godzilla and Godzilla vs The Thing (a.k.a Godzilla vs Mothra). Later on, they got a little sillier--then a lot sillier--but got better about twenty years ago, formulaic or not.
Huge Gamera fan and I remember the cheesy stuff from the 60's. However, the reboot in the late 90's was very impressive in terms of direction and music. Very sharp editing and a lot of clever touches with that version. Gamera vs Legion wasn't so hot, but GIII (vs. Iris) was really a work of art. Sure, it's guys wrestling around in cheap rubber suits but when it's all presented on film...not as bad as you think. I enjoyed those flicks and yes, bought the DVD's. Lots of fun.