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This afternoon I took off a bit early and saw Transformers. Let me just say that this is one of the best films I've seen in a long time. Not in the Godfather/Children of Men/etc type area but as a pure action/popcorn flick - it was near perfect. From the first few minutes to the end it is almost non-stop action and the slower/mushy/comedy type scenes are nicely spaced throughout. If I had only one complaint - it was a bit too long. I can't imagine what I'd cut though. There wasn't any obviously horrid scenes like the Jazz club in Spiderman 3. (I still shudder to think of that train wreck of a scene.) I just would have made it a bit shorter.
What follows now could be considered mild spoilers, so please stop reading now if you want to be surprised.
I knew the film would be cool, and man, it was cool. What I was worried about though was how the personalities of the Transformers would be handled. I had no reason to worry. The Transformer were perfect. Seriously - perfect. My memories of Optimus Prime was that he was a good guy who would never shut up about doing the right thing. He was so, blah, so, "We must not harm the humans", and while I sound like I'm complaining, thats just how his character was played. They nailed it perfectly in the film. The other autobots also had personality as well.
If there was one thing I wish they had more of it was Starscream. He was always my favorite character growing up. He was always trying to scheme his way to take over from Megatron. While that wasn't really shown in the film, there was a scene where Megatron makes a condescending comment to Starscream and I swear I felt like I was a kid again. Again - they nailed it perfectly.
A few random notes: I think there were a few easter eggs in the film. For example, the cop car (Barricade I think), had something like "To attack and enslave" instead of "To protect and serve". I swear I saw a few other things as well that may have been injokes/geek references.
At the end of the film, don't leave. There are three additional scenes. Two are pure comedy, the last one... it's important.
What was it with the 'spark of life' making little monsters? It seems like every time it would make a new Transformer, it would make an evil one. My only guess is - these new robots were like babies. Powerful, transforming robot babies. Maybe back on Cybertron they were immediately trained how to control themselves.