I'm jaded as all hell, but then my relationship to the franchise for the past 15 years has been that of a spectator for the most part.
As a spectator (going so far as to call myself an outsider), I spend a lot of my time reading and listening to the thoughts of others, and there is no doubting the negative vibe/vein that runs through the fandom as a whole. I'm as guilty of the next person when it comes to having a whinge about something from time to time.
An example of my whnging would be about the paint job on Hasbro's 2006 Beast Wars 10th Anniversary Dinobot. To this very day, I cannot understand how such a pathetic rendering of that figure was released to the market, baring absolutely no resemblance to the CGI model's colour scheme.
But whinging such as this is entirely justified. Hasbro deserves a kick in the ass in such instances -- when they get something so very simple so very, very wrong.
The overuse/repeated use of characters like Optimus Prime and Bumblebee is another frustration that even fans of the movies would have to admit.
Hasbro do occasionally get things right, and must be applauded for that. Generations Rhinox, Waspinator and Rattrap look absolutely sublime. I can only say look however because Hasbro have screwed up their own production of the Waspinator figure, meaning I'm yet to enjoy any of them. Also, the figures aren't stocked by stores here in Australia. It's a total s#!t storm for a casual fan like myself.
But I think the biggest frustration of the franchise as a whole (to me) is the fact that Transformers is Optimus Prime vs Megatron. Every year, every series, every line, it's the same. Even Beast Wars, which was hailed as a new beginning, was led by an Optimus and a Megatron.
I wouldn't want the Transformers franchise to survive another 30 years if it's just going to be those two again and again. Give us some new blood.