The enjoyment that you derive out of this movie is directly proportional to what your expectations are. I'm a big fan of Honda's work, he's made some of the very best giant monster (not just limited to Japanese kaiju) movies ever made - this is not one of them. It's really pretty bad - not Jun Fukuda bad, mind you, but in the world of Ishiro Honda's works it's quite the stinker.
And yet... It's somehow great. What makes it truly great can essentially be summed up in one word. Gezora. Gezora is a giant squid, or an octopus, or perhaps a cuttlefish, or... It really doesn't matter what Gezora is supposed to be, just know that (unlike the giant octopus from "King Kong vs. Godzilla") Gezora is not a slimy creature that flutters and unfurls itself along the ground like an octopus probably would if it could actually move outside of the water. No, my friends, Gezora is rubbery looking and he walks. Let's say that again so that the utter ridiculousness of it can sink in:
Gezora WALKS. On tentacles.
You see, they didn't have access to high-tech animatronics and kaiju films have always had an aversion to stop-motion animation, so, as was custom - it's a guy in a suit. But how does a guy in a suit impersonate the flowing movement of an octopus/squid/cuttlefish on land, you ask?
He doesn't. He walks around, dragging and swinging tentacles with reckless abandon. That, if for no other reason, is why this movie must be seen to be appreciated. Gezora is, by far, my favorite bad kaiju. Yes, even better and far more ridiculous than King Seesar. This may be difficult to believe, but he's even sillier (and more lovable) than Guiron - knife-headed foe of Gamera. You, too, will love Gezora if you just give him a chance - and that chance has arrived as of today, for "Space Amoeba" has been released on DVD.
Huzzah!