Yet that's just it. When the best you can say is "it could have been worse" (and I'll see your Shayman and raise you Uwe Boll on that front

), or say that you had to lower your expectations to enjoy something, then it's nothing to write home about.
Furthermore if a decent enough treatment had've been in play to begin with then I can't see why the likes of Ridley Scott or James Cameron wouldn't have wanted to be on board.
Which every way you cut it; while it might make for a great action trilogy featuring giant transforming robots, it's not the best storytelling out there in terms of TF lore.