Well, since no one else will make this thread, I suppose I will.
I went in with low expectations and was mildly surprised. The story is actually a half decent conspiracy between humans and the Deceptacons that goes back to the fifties. It rewrites the events of the space race and comes up with an explanation of why nobody has gone back to the moon since the seventies. At one point a key character switches sides, I saw it coming a mile away. The ultimate goal of the Deceptacons is a bit silly though. When I realized that the gravitational pull alone would have torn the planet to pieces, killing everyone, including them, it took me out of the movie for a bit. Anyway, it's not art, but it's more than I expected given how thin the story of the last movie was. Sadly, about halfway through they drop all pretense of storyline and just fight for the rest of the movie.
The special effects are well done, if there's one thing Michael Bay is good at it's blowing stuff up real good. The acting is about what you'd expect, no awards will be given, but it got the job done. The Megan Fox replacement is suitably hot, and doesn't manage to ruin the movie too much.
For anyone thinking of taking your kids, I will say that this movie must have just barely managed to avoid an R rating. There's a fair amount of profanity, and it's much more violent than I expected. Seeing people literally blown to pieces on the street isn't something you expect out of a PG-13 movie.
Overall, I enjoyed it more than I thought I would, but they could have made it much better than they did if they had stuck to the storyline instead of devolving into little more than a CGI fest at the end. Not that expected them to, but it would have been nice.
Edited, Jul 3rd 2011 8:04pm by Turin