I just got back from seeing it, I have some VERY mixed feelings. I'll try not to induce any MAJOR spoilers. If I do, I'll black them out.
The pros:
-The action was AMAZING and ultra intense. The robot action is 500 times more awesome in this movie.
-We don't have to wait a fucking hour for the Autobots and Decepticons to show up.
-The main storyline was VERY cool.
-Frank Welker as Soundwave was nostalgic beyond belief. He didn't have the harmonizer on his voice, but he was clearly doing Soundwave.
-[bgcolor=#000000]Matrix of leadership FOR THE WIN.[/bgcolor]
-[bgcolor=#000000]Jetfire sacrificing himself to give Optimus Prime a major power up was pretty awesome. He was a pretty funny, onery old bot.[/bgcolor]
The cons:
-They still didn't really flesh out hardly any of the robot characters except for Mudflap and Skids.
-The side story stuff(Sam and Mikaela fighting, college, parents, etc.) was terrible. The movie went into these boring luls of teenage dramarama and the excessive use of sexual humor was a nice touch for hormone-driven teenagers but leaves those with an IQ above 15 quite bored.
-We barely got to meet a LOOOOOOT of the new characters. [bgcolor=#000000]Some were literally dead in the first ten minutes, and others like Arcee barely got any screen time. Hell, Ironhide barely got to speak and we heard Ratchet once![/bgcolor] What we did get to see was awesome so it was disappointing to see several characters shunned.
Despite the cons, the movie was AWESOME to watch and I'm really looking forward to seeing it again. I'll keep my opinions on the theater 'experience' to the frustration thread, but I had a lot of fun watching this one.