I've pitched in a monster myself and it's currently being developed. It's fun and it's an excellent opportunity to get your creativity recognized and onto established platforms like PC, XBox Live and PSN.
It's by the dudes that brought you Godzilla: Destroy All Monsters Melee, Godzilla: Unleashed and Godzilla: Save The Earth.
Love the idea of a fighter featuring kaiju, I've always thought a proper one of these would be a great idea. There were some earlier games in the late 80s and early-to-mid 90s, but typically only featuring one or two monsters, so this could be great if executed properly!