I've always been a huge Transformers fan, and I never liked any of the live action movies. The designs I could live with if the movies were actually well written, but they are not.
I am glad however that they have made obscene mountains upon mountains of money, because it is due to the success of the movies that we got things like Transformers Animated, which from what I hear had some really great call backs and fan service, and then later on got the absolutely exceptional Transformers Prime, which just got better each season.
Also, two really good games. War For and Fall of, Cybertron.
I wont see this movie in the theaters though, I'll probably rent it on On Demand later on. I'm just ssoooo glad they got rid of Shia Lebouf. His shtick got tiresome by the end of the first film.