I really enjoyed this movie. There was very little in the way of shakey cam (a true blessing) and the majority of the combat sequences were crisp and easy to follow. The movie had some rather interesting lowbrow humor (gay jokes, penis jokes, bathroom sex jokes, etc.) that were actually worth a few chuckles.
Quite a number of Cybertronians lost their lives in this movie. Sentinel Prime (Leonard Nimoy) was a wonderful turncoat villain. Megatron also had his day, but (as I predicted) was downed again. Without the Allspark or some other fancy device (like the Matrix of Leadership) a lot of folk will not be coming back.
Spacebridge. I loved the use of this plot from the G1 show. Alas it looks like Cybertron was sent back from whence it came, or was destroyed. Having any sequels at this point will be rather difficult due to a lack of the standard Decepticon fair without some interesting string pulling. Sure there are more potential villains to draw upon, all the way up to Unicron of course.
While I must salute Michael Bay for doing a good job on this movie, I hope the Transformers movie rights pass to another. I would love to see some War on Cybertron style of movie get made.