If you know Godzilla films, no doubt you think this cosplay is amazing. If not, you probably think it's... something.
The costume is of Godzilla vs Hedorah character Miki Fujimiya, played by actress Keiko Mari and was one of many outfits on display on the otaku gathering Wonder Festival. Website Moeyo.com has recently published a cosplay gallery that includes Street Fighter Zero's Rainbow Mika, Ghost in the Shell: S.A.C. 2nd GIG's Motoko Kusanagi and Bayonetta's Bayonetta.
Godzilla vs Hedorah German trailer here. Yes, German!