So a buddy and I went to see this last night (free tickets from a local comic shop that had a competition).
The story - just awful. As expected.
Visually? Some of the best VFX I've seen in cinema. The car chase through the UK was far more coherent than a lot of Bay's other TF work. The shifting ratios didn't bother me (although I assume it would look better on a real IMAX screen). The look was incredible.
But man, that script. Impossible to overcome.