Ok, as a little brat who has grown up watching Transformers I say the movie is another clusterf*ck brought to us by the master himself, Michael Bay.
Technically here are my views:
Cool CGIs.
Nice action scenes.
and MEGAN FOX!
Things I'm not OK with:
The Twins Mudflap and Skidz.
Mudflap: I can never forget this guy, in the cartoon series he was like the Autobot Hal Jordan. Good guy turned bad turned good again. And he transformed into a construction crane.
Skids: I think he had a very short exposure in the series. All I remember about this 'bot is that he was a race car that denied a recruitment into the Predacons.
Soundwave: Screw technological advances! I loved old school Soundwave better! He was a microcassette recorder with cassette minions that made them great spies against the Autobots. Not only that! He had mind-reading abilities too.
Wheelie: This dude was a small car. But NOT THAT SMALL!
Starscream: OK. But the Starscream I know and love sounded like a girl and whined a lot.

He also becomes Galvatron's first casualty during a "coronation" as the new leader of the Decepticons. Cybertronian cannon blast owned him really good!
Cool stuff to look out for:
Megan Fox changing in public.
Megan Fox on a bike early in the movie.
Megan Fox running in slow motion.
Megan Fox's leg being humped by Wheelie.
This is what I think though:
-out of tissue.