I found the movie to be barely above average.
Full of action.
Low on story/plot.
Full of stupid side characters that were completely pointless
And kind of racist. (The Twins)
Things I liked....
Megatron was badass
Interaction between Megatron and Starscream
Soundwave was badass
Michael Bay pulled the camera back so we could see what was actually happening during fights.
Things I hated
All the new autobots for various reasons (I especially hated the twins)
Sams mum
Crappy random deceptacons that have no purpose except to cover a plot point
Established autobots getting next to no screen time.
Overall I thought it was a mildy entertaining if incredibly stupid film that was made by a director that clearly has no love for the series let alone respects it. Just because it's based off a toy line doesn't mean the film have to move like one.
I do want to see a third movie but hopefully without Michael Bay, he's clearly embarassed by the notion of transforming robots so why not give it to a director who appreciates the characters a lot more.