Oooo it was pretty darned awesome!
The good:
- The CG was in-fricken-credible! The textures and motions were amazing! To see the dust build up on Prime's windshields while they were in the desert... wow!
- Hot actors/actresses
- Pretty true-to-the-show storyline.
- Original Optimus Prime voice!! Ah, memories...
- Funny comic relief in the parents' characters
- I love how the movie ends with the shot from the beginning of a few of the shows (idyllic gathering of friends overlooking the plains)
The not so great:
- The heroine wore huge fake eyelashes in every scene except one, when they were portraying her as a tomboyish, earnest girl
- GM must be making a shitload of money, non?
- "Nokia is pretty bad ass"
- I miss Bumblebee the Bug

- Starscream had an extremely small part and didn't have the trademark voice at all (BUT he survived for a sequel, so he has another shot)
- There was no character development or progression
- The CGI was often rendered so fast that you really can't tell what's going on until the camera pans out for a better look. It keeps the intensity up, but got a bit tiring.
- I was ready for the movie to end by the time they unveiled Megatron. Come on Michael Bay, trim that down!
But overall I am happy spending my $10.50 to see it in the theatre. I was thoroughly entertained!