For someone who never liked Godzilla '14, I wanted to give it another try through the edit. It still didn't work for me, but even then I'll rate enjoyment as a neutral 7.0 so as not to judge the edit by the sources.
As for narrative, I thought ~20min last act from the first movie as opening only dragged what could have been just (and satisfyingly so) an edit of the second one. For projects like this I like to pretend I'm a newcomer to the franchise, but to see those familiar faces given close-ups and screen time with no narrative resonance took me completely out of it. As it is, being dropped straight into a nonsense military op reminiscent of a Nolan movie that has something to do with giant monsters fighting each other, why should we care about celebrity cameo (supposed to be anonymous) marine and his family reuniting at a shelter? I think the whole opening would be more suited as an introduction to that universe if it wasn't preceded by that news footage exposition about invading monsters. Actually, I think it would be better to either be very objective with the opening and cut out Kickass guy, or completely get rid of the sequence and only keep the news footage as sufficient explanation for the state of affairs in KOTM. I've never watched the second movie before, so I cannot tell whether any narrative improvements to it were accomplished or not. Also, whats the point of the place and date titles for the opening? As far as I remember that's not revisited afterwards in the edit with "present day" or something like that - and the text doesn't match any other from the second movie.
The render AV quality isn't ideal. These are very dim movies (the first one, at least) and some scenes here suffer with compression artifacts. I don't have the proper equipment nor the expertise to rate the audio accordingly, but didn't come around any obvious setbacks in that department.
As others have said, however, it still is an improvement over the originals. I didn't want to come off as contemptuous, so I hope this is helpful feedback. Thank you Malthus for making this alternative possible and for the opportunity to see it.