Well, I've just seen it this morning, and I have to say, it's actually pretty good. It's fun, very, very well shot and a quite clever twist on the King Kong, way better than just another remake would be, even if I suspect that the whole movie came about because during some execs meating someone made a "vietkong" joke and they decided it's brilliant while snorting cocaine :D But hay, if it works, it works.
Some other creatures that live on the island are quite well designed (I particularly liked the forest-spider encounter, it's like something straight out of Magic the Gathering green dec) and while it's not exactly a game changer of any sort, there were some good ideas for various scenes that made action entertaining and suspense strong. The cast is strong, and while they don't exactly have a lot to work with, it's not a character driven movie, they have just enough to make us care about some of the characters at least, and Samuel L. Jackson is pretty great as the half-mad colonel who can have a staring contest with an angry ape the size of a mountain.
I honestly find it hard to compare it to something like Peter Jackson's King Kong, it's so very different. The Kong himself is probably not as expressive in his body language and facial expressions as he was in that movie, and the movie as a whole is I think less ambitious and not as much a labour of love as Jackson's was, it's a just an action blockbuster, but at least it works 100% in what it is intended to do. Bottom line- really fun movie on every level.