Despite the Godzilla being - I wouldn't necessarily say traced - but inspired by the pose of the MonsterArts prototype, I find nothing absolutely wrong with the cover for GODZILLA #1, personally I like it and is one of the better covers I've seen from IDW (that are not from Matt Frank or Jeff Zornow). For me cover art doesn't really matter. It's the interior art that I'm very judgmental on.
Traced is a very nice way to put it- the persepctive, shape of the head, wideness of the mouth, arm posture, position on the tail- if this isn't tracing I don't know what is. 'Inspired' means portions of it harken to the source. This is just ridiculous.