I thought it was OK, but I think I liked it more just because I grew up watching Transformers, thus it's embedded in me. The plot was horrid, and there were times when even the film itself got confused
5 robots go down under the ocean, one is killed to reactivate Megatron, that now makes 4, plus the now reactivated Megatron which brings us back to 5. Then, as the robots leave the ocean, we only see one of them leave (Megatron) one ship is destroyed out of all the dozens above, and someone utters the line "6 robots coming up from the water now, sir".
If I had to say I had any problems, the main ones would be:
1. The action was crazy, but I couldn't see what the hell was going on half the time. I'm all for crazy, flashy stuff, it's amazing to see and the SFX were brilliant, but when I can't tell what's going on exactly or am confusing (when I know Transformers lore) robots while they fight (colours blending because they move too fast) there is a problem. The problem with the action to me, is one of two things... Either the action is too fast, or the camera angle was an extreme close up so it didn't matter if it was slowed down or not. Seriously I thought all these people were whining about the action saying they couldn't see anything except when it was in slow motion, and this is the first time I'd have to say I completely agree with the internet. There were only a few shots that were not in slow motion, that I could tell what was happening (fights with the autobots/destructicons). All in all, the action was phenomenal, thrilling, and frustrating at the same time.
2. There was not ONE time that the camera was still. Seriously, if you go back and watch the movie, there were maybe a total of 3 shots in the entire film where the camera doesn't move, or has barely any movement at all. Every other single shot, even ones without the actors moving, had movement even if it was extremely slight. It's like watching a movie with severe A.D.D. Although, this didn't really hinder my opinion of the film, it just bothered me that I was always spinning around the characters.
All in all it was a good action flick, but nothing more.