Well I've only just seen the new movie, I can't make excuses for my lateness in seeing it other than I was scared what Mr Bay would have done to the greatest franchise in the world.
When doing about my normal routine of marking a film out of 10 on imdb I've found myself stuck. I can't decide if I liked it or not!
I am a massive fan of the original cartoon, movie and all comics from the three different companies that have done the storyline (The current IDW take on it is superb btw, if not a little different from the original).

I didn't actually care how much they had changed the storyline from the original sources because the new film is a new start in its own right. There are so many different continuties in comics/cartoons that they needed to make another one just to make it simple for new audiences and that is what I expected. The original series actually started out pretty crap really so watching this complaining of lack of similarity to the original could actually be a good thing (It pains me to say that).

The film was classic Michael Bay, explosions, comedy in form of little quirky remarks was all expected and to be honest I love all that. The film for anyone who likes Bay is brilliant although he did go overboard on the humour in the house scene. I would describe it as an Action Comedy which is not all that suprising seeing as the autobots are actually pretty light hearted a lot of the time. The film used the concept of Transformers and made it its own, in a very stylistic way and entertained me throughtout. There were loads of storylines to follow, even if some were superfluous and didn't even seem to go anywhere.

Actually writing all this out has made me realise I did actually really like the film.

However,

A lot of the fight scenes happen so fast with the camera angle changing every single second making it hard to see what is going on, or even who is fighting. The CGI is perfect, I honestly think that the CGI is the best ever, but it could have done with slowing it down a bit just so we can fully appreciate what is going on and how good it all looks.
The ultra fast motion coupled with the fact that Mr Bay (or whoever) went with mechanical looking robots as apposed to the boxy images that we original devotees have seen in the classic cartoons and the 1986 movie. Saying that, the autobots' designs were actually pretty good using colour, real world vehicles for their alt. form to distinguish them apart, but the decepticons was a whole different matter; they seemed to be all grey or silver. Megatron was huge (for some reason) so it was easier to decipher which robot he was but the others all looked very similar to me, none of them were branded with a big BMW logo like the autobots were which made it harder still.

That was my only major gripe with the film.

What did everyone else think? Or I have I put you to sleep with my rambling...

Overall I'd say 7/10. A typical action film which incorporates a large hint of an already established concept and makes a very entertaining watch, special but not perfect.