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Last I heard, it was going to be done in IMax by Yoshimitsu Banno. Banno's one of the coolest directors of the old ones, having done Godzilla vs. Hedorah, which is visually interesting, pretty intellectual and contains just about the best opposing kaiju in Godzilla history. I think of all the post Honda Godzilla directors, Banno did his best to bridge the gap between Honda's vision and that of the new Toho Godzilla movies of the seventies. Other than the English language aspect, I think it will be cool. Banno was told by Toho to look around for the funding himself, so he's done legwork and will probably be intimately involved with the project. No worries on this end.
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