I just saw the film, and I have to say I was pleasantly surprised. The story was simple without being facile, which is perfect...it didn't get overly complex like many tech-heavy action movies. The CG effects were jaw-droppingly realistic, and take it from someone who has worked in visual effects, these were ungodly difficult and complex effects to pull off. Most of all though, Shia LaBeouf was outstanding. These kinds of movies usually make casting and acting an afterthought, but LaBeouf and a group of interestingly cast actors like Jon Voight, Kevin Dunn, Anthony Anderson and especially John Turturro made the movie a lark, more than just a tech geek wet dream.
All that said, the movie was hampered by the fundamentally dumb idea of Transformers themselves, and the absolutely PAINFUL dialogue of the Transformers. It's a testament to the talent in front of and behind the camera that this didn't ruin the movie.
Most surprisingly of all, schlockmeister Michael Bay finally made a movie that didn't make me want to leave the entertainment industry to go live in the forest and chop wood all day.