I agree with cat on most points here (I prefer MtMtE over RiD!). If you can get the IDW hardcovers for a decent price (book depository, amazon etc) I highly recommend it. I also think starting at the beginning is also a better way to go, but it will cost you.
Failing the hardcovers, collecting the individual trades works too. I too would say start at Infiltration and work your way through Escalation, Devastation, Revelations (a series of spotlight one offs) Maximum Dinobots, Last stand of the Wreckers. If you track down the first two or three volumes of the spotlight collections, all the better.
You can skip Stormbringer if you like, it's not required reading.
Megatron: Origins and Hearts of Steel minis are not relate to the main story (HoS being an alternate universe and M:O just being plain old terrible and contradictory)
The series released after Maximum Dinobots (Last Stand ties in Maximum Dinobots with the new ongoing series well) are where the controversy really began. The All hail Megatron stuff mostly ignored, retconned or barely tied into what came before it. You can skip it and save it for last to save money, and it won't really impact the reading of the new series.
The ongoing "Transformers" was also a hit and miss series that had positives and negatives. The Bumblebee and Ironhide miniseries are skippable too, they have limited impact on the story. Again, I'd save these trades until near the end of your collecting, the recaps on the tfwiki cover the few important bits that relate to the two new issues.
The Chaos and Police Action trades may be worth a pickup as they really tie straight into the two new ongoings.
These are only my opinions. I was a big fan of the path the series was heading down with Furman before it all got canned for a series that I personally hated. So my advice is somewhat tainted.
Looking For: Wreckers Saga TPB Collection (with Requiem)