I have been a fan of Transformers since the 1980s. Have a big collection of the G1 toys, and a massive collection of the Marvel UK comics, as well as the War Within. I was never a fan of the cartoon (I think its the case that many people who read the UK comic hated the 1980s cartoon). Let's be clear here, that the cartoon itself was full of dumbness and ruined two of the most iconic characters (Grimlock and Shockwave) and (due to its influence) may well deny us a true representation of them in any future movie.
The comics, however, were imaginative, full of superb characterisation, and plenty of material for any smart writer, director, etc, to craft something entertaining, smart, and which portrays robots in a way you've never seen; with many of the traits, nobility and vices of humans.
The Transformers are portrayed as every-men by their character bios/tech specs. When people (such as Bay and Spielberg, for example) say you need human characters to relate to it shows they don't understand the underlying concept behind Transformers. The Transformers are us, the characters are pastiches and parodies of humans. I learnt alot about people through reading about the Transformers.
Simon Furman's advice to the film-makers on writing dialogue for the Transformers was to write them the same as you would a human character, sadly that advice has fallen on death ears. That's why portraying TFs as cute pets or mindless drones is just plain wrong. Bumblebee being unable to speak was ok in the first film but in the sequel it locks him into the role of "Sam's sidekick".
Bay sees the Transformers as aliens, he depicts most of the Decepticons as mindless drones, and depicts all of the Autobots as soldiers (in fact, in TF lore, most of them are reluctant soldiers, civilians at heart, with a only a handful of hardened warriors such as Ironhide and Grimlock amongst their ranks). With only a few exceptions (Prime, Megatron, Starscream, Bumblebee). They are not depicted as individuals in Bay's films, which goes completely against the whole concept established by Hasbro and Marvel that they are robot every-men.
The first Transformer movie I would have done large parts of it the same but shown some more scenes of the Transformers interacting with each other; Ratchet trying to save Jazz, Megatron and Starscream bickering.
Revenge of the Fallen I would have cut out the stupid stuff with the kitchen-bots and the "Pretender", cut out all the pointless treasure hunting, replaced Mudflap and Skidz with Sideswipe and Sunstreaker, and maybe have bought in Shockwave (and his rivalry with Megatron), with Starscream caught in the middle, instead of The Fallen. Establish Jetfire as a Decepticon who was frienRAB with Starscream but who changes sides on-screen. I might have added Grimlock as an Autobot General who clashes with Prime over tactics (its Grimmy who I would have shown shooting Demolishor in the head) and transforms into a state of the art tank.
Human characters would just be Sam, Mikaela, and the two soldiers. There's way, way too many human characters in ROTF.