*** THIS MAY HAVE SPOILERS... I WILL TRY NOT TO INCLUDE ANYTHING SPOILERISH ***
I'd rate the movie as lukewarm. I am a fan of the original G1 and I did my best to cast off my desire to see a movie that stuck even remotely true to the original series. If that's what you want, do not even go, this movie is not even close. There is no ship, no teletran 1, the autobots choose their own form (I assume the decepticons do as well).
The issues I had:
1) Too many heroes. Shia was the main character, but then you had the military guy who was your John Rambo whoop-ass character.
2) Too much focus on humans. Transformers is about the robots, the humans add spice. In this movie, it was the reverse.
3) Megan Fox was not naked.
Also, parents, do not buy your children the deluxe super huge mega cup, especially if they undersized bladders. I do not enjoy shifting up and holding myself up using the arm-rests, it's not very comfortable and disturbs my watching experience. I also learned that girls look much older than guys at a younger age. I saw this girl... probably looked 15-16... there was this kid that I thought was her younger brother until I saw him put his arm around her. Either they are a close family, I was teleported to West Virginia or that kid looks young .