I'm on old school Transformers fan-grew up when the cartoons were originally on TV, had a bunch of the toys, and the ones I didn't have, one of my friends did-we kinda worked out our toy begging so that we ended up with a nearly complete set between us.
And, seriously, the people saying they hated this movie need to get over it-it's NOT the Transformers we grew up with, was never meant to be, it's a re-telling of the story in a new era. And it just kicked insane amounts of ass-easily the best special effects I've seen in a movie to date, simply disgustingly awesome fight scenes and all around better than I even dared hope for something taken from my childhood and re-imagined.
The "real mass conversion" transformations were excellent, I thought. No 100 foot robots turning into 10 foot long handguns or disappearing 55 foot tractor trailers here. The whole Soundwave to cell phone back to full size thing has already been explained.
Honestly, I haven't seen a movie twice in the theater since, uh, Silence of the Lambs, IIRC. I'll be seeing this one at least once more with a friend who hasn't seen it, maybe another time or two past that, as well, because it's just that good.
(very minor spoiler, barely worth calling it that)
And I was ecstatic that they actually DIDN'T do the cheesy "kiss in the middle of a fight for the survival of the species" near the end of the movie-I was sitting there groaning when it looked like it was going to happen and very pleased when it didn't-always seemed like a ---That which is odiferous and causeth plants to grow--- piece of camp whenever it happens in another movie, so it was nice to see it was resisted in the one.
(bigger spoiler)
I didn't like the fact that the All Spark caused everything it created to automatically be evil-I really thought it should have been a mix of the two.