Well, lets just get out of the way that I started watching this movie with an openmind and zero expectations. This way there is nothing to disappointed about. I must also add that I watched this movie at home. Part of the left side and the bottom of the screen was cut off and the quality will win no awards. Alas after a minute I was completely used to this and it didn't impaired my watching experience much at all. I could even say that this allowed me to watch the movie for what it is.
Let's do the conclusion first mkay? That way you can just skip the part below if you don't feel like reading

In one word: Medicore.
Just like what is about to follow, I can't write reviews for jack crap

In more words:
Well first off, the acting was overal pretty good. The dialouge was overal enjoyable though near the end of the movie it was starting to get slightly on my nerves. I mean, what the frak is up with everybody screaming "NO..Nononononono"? Did the script writers ran out of ideas? That sector 7 leader person sucked though. He was a joke, in a none funny kind of way.
Moving on to what Should have been the most prominent and important part of the whole movie: The alien robots. Oh wait, they are called Transformers. I almost forgot about that detail after watching this movie.
The designs... suck. No really, I hate em. It's like they took a piece of sh!t then put metal parts on them at random and used vomit to color them. Everyone of them look like a metal mess. But hey, I guess otherwise the viewers wouldn't get the idea that they are "alien robots from outerspace" right? Yeah, I guess that's also why you should let them make all those clicking, roaring and other mentally retarded noises. It annoyed the living daylight out of me.
The autobot voices are all well done. I liked it. Cullen was still the win and awesome he always was. Too bad his voice had to come from that hideous face. Serious, what was wrong with the good old face plate?
Prime: The design is one of the less retarded looking ones. Also, prime without a trailer in truck mode just doesn't cut it for me. He just looks so damn naked.
As for personality, this movie prime doesn't hold a candle to the G1 prime. He is no longer the strong father like leader. Instead he is "one of the boys", constantly making should be witty comments. I mean, he was actually getting annoyed because sam couldn't find the glasses fast enough...
Fail.
The only thing that salvaged him was Cullen's voice.
Rachet: The medic that didn't do anything worth noting, aside from tripping over an electricity wire. Yeeaaah...
Ironhide: Big guns, he used them. Too bad his overal design is just as damn messy as the rest of them. I kinda liked him though.
Rubberducky: Well... what can we really say? I kinda liked what they did with his personality but well... it was short lived (arr arr I be making a pun). Like all transformers. Should have given him more screen time instead of bringing the focus on the awesomeness that is the american army (sigh)
He was part of the single most awesome part of the movie though "Do you want a piece of me?!" "No, I want TWO pieces of you." Yoink.
Bumblebee: I'll be one of the first to admit that I absolutly hated the G1 version of him. He was mostly small, useless and a device to bring more focus on humans. The last part still holds true for this movie variation. But overal I liked this Bumble more. Though his face is just so damn hideous.
Now the Decepticons... I can keep this short because well... there is nothing too tell.
Frosty: His voice was kinda cool, His design is not. He died on a retarded way and that's all I really have to say about it.
Monkeyscream: Oh come on... You look like absolute crap. Sure you had like a second of glory by taking down those F-22's but that's all. Like all bayformers you didn't had any personality so well... yeah... that is all, dismissed.
Claw: "BARF I DIED"
/care
Tank: "BARF I DIED"
/care
'Frenzy': Not funny just annoying.
Barricade: "BARF I DIED ONLY THEY DIDN'T EVEN GAVE MY NOT SO HERIOC DEAD ANY SCREEN TIME"

Blackout: Sure, his face was just as generic and ugly as the rest of them but he took part in the most awesome scene of the movie. The attack on the airbase in Qatar. Alas I have to admit that the only reason I found this scene to be awesome is that in my mind I kept screaming "Omigod this would be Such an awesome scene if you replace that alien robot with a Battletech Madcat and make that American airbase a Innersphere airbase". But then he got killed by humans "Barf my inards!". Yeah, a crotch shot from below is apparantly deadly for transformers these days. I guess that's what they are asking for with all their internal organs displaying like that éh?
Scorpy: "Barf humans killed me! How awesome the american army is!" /sigh
I guess that sums it up for the bayformer part.
Now for the story/plot.
Wait...
I guess I must have missed it. Did it had any?
The whole flow of the movie felt like it was made of no coherent scenes that all led to 'xplosions. This is also why this movie just failed to draw me in. It just didn't felt like it was a story. Just random scenes with shooting and some nerds babbling about some signal eventually followed by scrapheaps battling it out in cgi. Only until Barricade started talking and got his seconds of glory was I starting to get slighly excited. "Perhaps... this movie could start to get good after all!" was what I was thinking at that point. Alas then it just all faded again. Shaky cam was used, I started screaming at the screen "Keep it steady you dumbnut! I have no idea what's going on right now! Oh what... that's it? Barricade just died? oh screw it..." and the movie fell back into random scenes with forced humour again.
So yeah. That 'sums' it up for me. It didn't felt like Transformers at all to me. Just a general Meh.
Edit: Oh and I forgot to mention. Why the f*** did random objects just started transforming and shooting stuff for no reason because "THE CUBE™" passed by? That was an other unneeded scene that added nothing to the already non existing story. So what, those little super aggresive bots hellbend on destroying humanity (oh yeah, that was totally what transformers was all about!) just vanish after getting 2 seconds of screen time?
And random scenes like this just make up the whole movie. Things that add nothing to the whole.