The best thing I can say about it: at least it only cost me 7 dollars.
Visually, it certainly is a sensational movie. I literally got a headache from trying to keep up with all of the action on the screen. However, for all the over-the-top visual effects, I would have liked to have seen them make more of an effort on the other elements, such as plot, dialog, and acting ability.
I won't put any spoilers here, but suffice it to say that it is the usual battle of the Autobots (most of which are easily recognizable to fans of the cartoon) vs. the Decepticons (who except for Megatron, are instantly forgettable), with us poor humans getting caught up in the conflict. Shia LeBouf was mildly annoying, Peter Cullen as the voice of Optimus Prime was a nice bit of familiarity whose brain must want to throttle his tongue for having to say such incredibly stupid lines ("Ooops, my bad."), and John Tuturro's character was a complete waste of time. I don't know what the hell Hugo Weaving was doing when he accepted the role of Megatron; Frank Welker must have been busy.
If you haven't seen this movie yet, wait for it to come out on Blu-Ray DVD, and play it on your widescreen HDTV...with the sound off. Then dig out your old VHS copy of the original Transformers animated movie, pop that bad boy in, and crank up "The Touch".