REC was actually made well before Cloverfield. I actually caught it the same day that I watched Cloverfield and it had been released overseas for quite some time before then.
I felt it was good. The main character (I forget her name) was fantastic to look at, and the shooting style was very interesting. I did feel that parts of it were too much like a "haunted house" with numerous 'boo scares' throughout. That being said, the end was absolutely haunting. There are images in the end of this film that will stay with me forever.
I didn't really understand the ending. What the heck was that thing? Sum sorta saggy-boobed anorexic bearded guy?