I finally got to see it.
SPOILERS FOLLOW HERE:
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The plot is, loosely: Sam Witwicky is trying to scrape up money by selling his quasi-famous grandfather's stuff on eBay. Unfortunately, one of his sales items- a pair of glasses with a secret code burned into them- attracts the attention of the a secret organization called Sector Seven and a group of warring machines from Cybertron. In order to protect Sam, the Autobots send one of their own to pose as his car.
The good news is, the humor in the film is (for the most part) actually
funny. The cosmic conspiriacy to embarass Sam in front of Mikaela works, from his report full of funny-sounding words like "seaman" and "sextant" to Frenzy pantsing him (I'd have liked it better if his pants hadn't mysteriously reappeared on his legs a few shots later). Ever want to see a flight attendant eat a Hostess cake off the floor? Well, I didn't either, but it
did make me giggle. Even the old "monotonous phone operator amidst life-threatening chaos" gag came off well, as one soldier searches another's pockets for his credit card while fending off Scorponok.
Also, they get points for introducing a character who a) has a wife and kids waiting for him, b) talks about things he's going to do in the future, and c) survives the entire film in spite of a and b.
The major con was the severe lack of 'Cons. It's kind of sad that Barricade and Frenzy got more air time than Megatron. Bonecrusher, Scorponok, and Devastator die faster than slasher movie extras, Blackout just sort of fades into the background after his initial scene, and I guess Starscream got bored in the middle of the climactic final battle and said "screw it," 'cause after he shoots down the other airplanes, we don't see a lick of him until the credits. The Autobots don't fare a whole lot better, to be honest, but at least they get
some dialogue and development.
I was annoyed quite a bit by the tangled, dangling plot threads, too. The timeline was a total mess. If Megatron and the Allspark were found- and activated- in Victorian times, when exactly did Megatron come up with the plan to use the Allspark to turn Earth machines into Decepticons, seeing how they didn't
have much technology for the sliver of time he was awake? If he were conscious the whole time he was frozen, he might be able to see the technology come into being and form this plan, but then how would Optimus Prime find out about it? He couldn't be able to communicate with them, or he could have just
told them where he (and the Allspark) was, and Frenzy wouldn't have had to spend the first half of the film digging through classified files. If one of the other Decepticons came up with this plan, why do Optimus and Sam both credit it to Megatron? Why do fairly important characters vanish into the ether with alarming frequency? Why does everyone unanimously decide the safest place for the Allspark is a densely-populated city full of skyscrapers and other hazards? Why wasn't Blackout shot down whe he refused to comply with orders?
How the blazes did Sam get his pants back after Frenzy ripped them off? I'm sure the prequels address at least some of these questions, but the film should be self-contained enough so Joe Average Viewer doesn't have to have the comics, books, website, and video game just to understand what's going on.
Verdict? It's a fun film, but ultimately pretty forgettable. It'll probably appeal far more to

than

.
Ending soundbite:
'Stache's Mom: (Watching a panorama of the intricate technological secret government base inside Hoover Dam) I'm going to have more respect for Hoover Dam from now on.
'Stache: Me, too. (Dreamily) Starscream touched it.