What I'd actually like to see is for it to be scaled-down a bit. Focus on the core premise from the first movie of these strange mechanical alien beings existing among us as everyday vehicles, hiding in plain sight, robots... in disguise...if you will. Focus on a small cast of autobots (three or four) that we can actually get to know and a couple of humans who we don't hate.
Decepticons are menacing hunters that are lurking nearby, killing with purpose and stealth. Rather than huge big pitched battles alongside the US military, have the bots face off in more personal battles. A decepticon attacks, so the guardians are scrambling to protect their fleshy friends. Show off their individual capabilities and personalities in desperate, scrappy personal fights with their malevolent counterparts. Let us get to know the villains a bit too, so there's actually some motivation to their conflict.
If we are focused on characters that we actually get to know, then we're more invested in their conflict, so the action is more engaging without having to resort to grand-scale battles. Make more of the fact that these are aliens with an existence quite unlike our own, yet still like us in important ways.
Give us characters we can connect with, transformations where we can understand what we're looking at and a story that actually says something. That's not too much to ask for, is it?
Also, no more swirly KSI parts-forming. That was ridiculous.