I watched Transformers yesterday. Here's my review (spoiler alert):
Boring plot with many cliches (I knew Ironhide would get killed off, since he had a minor role in the previous movie, and I definitely saw Sentinel Prime and Dylan turning traitor from a mile away), and I couldn't really get into any of the characters (out of all the robots, Shockwave was easily the coolest, and even he was a cliche baddie with no personality), with the exceptions of the military who fought in Chicago. The main chick was hot as hell, but she was nothing more than the damsel in distress, and it really irked me to see that. Sam was his usual self - boring, whiny, and constantly screaming for help. I found it unbelievable that Megatron, the robot who hates humans with a passion and considers them to be on the same level as houseflies, not only didn't kill Carly, but listened to her about Sentinel as well. Great special effects, except when the people got vaporized (why the fuck were their clothes still intact when they only kept their skulls and a few bones?). The action had a good pace from the last part of the beginning all the way to the end.
(End of spoilers)
If you want a good action movie with a lot of destruction, Transformers is for you. If you want a movie with a plot and characters you like, look elsewhere.
Just my two cents.