I enjoyed the movie, the action was decent for PG-13, the CGI was good, but I had 3 seizures from having to sit too close to the screen.
My only gripe about the movie is about a third of the way in, it turns into a full blown Chevrolet/GM commercial. Most of the transformers are GM products, just about ALL of the vehicles in the movie are GM products, and whenever they show one, they make a point to zoom in for a close-up of the bow-tie/GMC badge.
Then, about 2/3 of the way in, it shifts gears to become a recruitment video for the armed forces, with the characters dropping priceless lines like "Well, we couldn't have done it without the Air Force." (There were like 3 National Guard commercials before the movie started) This was on top of hundreds of little snippets of product placement throughout the entire movie that really turned me off. By the time the movie ended all I could think about was joining the military, buying a new chevy, and enjoying one of the many refreshing Pepsi-Cola products. As soon as I got to fresh air, these urges slowly faded, but left me unsettled none the less.