It was OK...not great, not terrible, not good, not bad. I'd give it 2 s out of 5.

Pros
- Laserbeak was actually pretty cool. I hope we get a toy for him that turns into an actual something instead of the pseudo-hoverjet thing.
- The comic relief duo was surprisingly bearable. And actually did something useful.
- No Retard Twins.
- Shia was less annoying than usual.
- More robot screen-time, though it was still overly human-centric for my liking.
- The watch-scorpion-thingy was cool. I wants a Scout/Cyberverse-class toy.
- Rosie What's-her-name is remarkably watchable, making the fact she's really only there as eye candy rather more forgiveable.
- Sentinel Prime was actually really badass, and mostly fairly well characterised to boot.
- Soundwave was pretty badass. And tentacle-y.
- Nice use of existing toys' vehicle-modes in the NEST base. Not-Brawn looked awesome and I would have liked to see him as a TF. Same for Not-Skyhammer.
- The moon landing thing was a nice idea, and the guest appearances were pretty good. Bill O'Reilly FTW! Bay as the cameraman was pretty good too.
- Dutch had some good lines. The Russian bar scene was pretty cool.
- John Malkovich is awesome. Turturro is far more bearable than before.
- The black guy wasn't the first to die.
- My brother-in-law really liked it.

Cons
- It's basically a 80-90 minute no-brainer action movie - not necessarily a bad thing - stretched out into a 2 & 1/2 hour epic. While on paper it should be Epic, the pacing is really weak and makes watching the whole thing in a single sitting a trial of endurance. Not helped by having to wear 3D glasses when most of the scenes don't really make much effective use of it.
- USA! USA! USA! Get that illegal nuclear facility in that coincidentally Middle Eastern country Autobots! For FREEDOM!
- Sentinel Prime - stole the show, right up until "Optimus, NO!" just before his death. A more resigned or regretful ending after watching his beloved Cybertron destroyed due in part to his actions (and those of his predecessor) would have been, well, in character. As it was, the whole patriot/needs of the many bit was really undercut, and whoops, he was just a bad guy after all.
- While I'm on the topic, remember that bit in The Ultimate Doom where Optimus agonizes over whether to bring Cybertron to Earth over the Space Bridge, or keep Earth safe but destroy his home planet? Remember how he mentions it being his home and how he has friends there? How he's obviously really conflicted between his desire to protect Earth and his love for his homeworld? Yep?
Now, remember how Jazz is torn in half in the first Bay movie and after the battle's over Movie Optimus is all like, Jazz who? Oh well, them's the breaks, time heals all wounds and it's been like five minutes already. Guess which characterisation crops up here?
Yep. Not even a seconds indecision over dooming his own freaking planet to a fiery implodery doom, or a seconds mourning for his now-destroyed home world after the fact. Cybertron? Oh yeah, I think I was created and raised and spent almost my whole millions-of-years-long existence there once or something. Whatever happened to that place anyway?
But then, he does make a big deal about how Earth is his home and the humans are totally cool, they've only tried kicking us off the planet twice over the past 3 years and totally lied to us for years on end about our greatest leader evar and some tech that could supposedly save our planet being on their moon after all, so maybe that's it. Hey, check out this sweet sunset, isn't this planet just so peaceful? Except for all those illegal nuclear plants anyway...
- Hey, I haven't seen Ironhide lately, I hope he didn't get killed by my mentor or anything. If anyone sees my old friend tell him I said hi. Huh? Que who?
- Carly - great ass, glimmers of what could be spunky character in the vein of her namesake, and even possible acting ability from Rosie HW, but in the end relegated to just great ass.
- On a related note, Mikaela/Megan Fox's absence doesn't get much attention or explanation. Oops, they broke up, here's a new girlfriend, c'est la vie. After the big deal made over Sam and Mikaela's relationship in the first two it's kind of, well, cheap.
- Shia is still whiny and annoying.
- Starscream's death - terrible, pointless, unnecessary. From cries of 'It's Starscream!' from the Autobots in the first movie to "Ow, my eye, I'll hop around like a headless chicken while some human sticks a bomb in my head" in DotM. Will Animated Starscream please come and tell this guy what to do when some flightless hero-type attaches himself to you with a line?
- Shockwave - could have been awesome, was just a heavy grunt with a pet sandworm. Didn't kill anyone, had barely any dialogue besides incoherently roaring (presumbaly logical incoherent roaring), didn't transform and in the end got taken down pretty easily by OP for such a purported scary big bad. Again, Animated and the old-school G1 comics do this character far more justice.
- I'm-a Dino, I'm-a gonna win. Listen-a my funny accent, 'cos that's-a all I got. Did-a you know I can turn invisible? No? Neither did I, which is why-a I didn't!
- Hey guys, you know the way we're all being attacked by a Decepticon and/or giant drill-monster-tentacle-thing in this precariously tilting skyscraper? You remember those awesome handheld human pistol-sized space-weapons and climbing gloves that Autobot scientist guy gave us a few minutes ago? Let's not use them and just jump out of this window and slide down this plate glass and shoot out the windows below us instead, it'll look way more dramatic and chances are only one or two of us will fall to our doom.
- After the Autobots being exiled and Cybertron half-summoned and then destroyed, the ending is really abrupt. It feels like the writers just got bored and decided to finish up and go home - Optimus Prime kills them all: The End. What makes this especially bad is it tries to do way too much (Moon landing, Sentinel's Faustian pact, Earth under Decepticon control, exiled Autobots, Shockwave is scary, oh and here's Cybertron brought to Earth), when a simpler and cleaner plot with more attention paid to character development and plot resolution would have served far better.

Despite the long list of Cons VS Pros, it's actually an OK action flick, or at least would be if it wasn't SO DAMN LONG.