Just saw it yesterday. I personally liked the movie. Only real gripe I have, well, two of them, which were mentioned before, were character development of the transformers, and the appearances of the robots. People seeing this who are not familiar with the original cartoons will not understand why Prime is so God-like because they don't really use him all that much. Bumblebee appears to be the main autobot, amirite?? They need to take the focus away from the stupid love story, and put it on the robots.
As for the appearance.....like stated before, during the fight scenes, you really can't tell two of them apart, other than Prime having a splash of blue on him. If they made them look more like the G1 cartoon characters, it would have been an easy thing to differentiate. They just had too much shit all over them and it muddied up their appearances. I know they will never make them look like a cartoon done in the '80's, but did they really need to make their designs so "busy"??
All in all it was a good movie, especially in the HD theater I went to, the picture was incredible (gotta get me an HD TV, I live in the stone age!). And I will be buying it on DVD, and look forward to sequels. Maybe Speilburg needs to just do the sequels on his own?? Or ask Lucas for an assist??