I saw this on saturday night. What can I saw.. WOW.
I'll admit I was pretty much into transformers as a kid. People have seen some of my previous avatars and such, I draw a bit of Manga for fun, and Transformers I regard as the culmination of proper manga. Most things afterwards, such as Transformers:beastwars suck arse.
Funnily enough when I saw the first trailers, I thought this was going to hacked to pieces and didn't think I'd go and pay money to see it... so
The dialogue and acting: It's aimed as a kids/juvenile script. It will get the late 20's/early 30's guys who are still nostalgic, and new kids to sell toys.
Peter Cullen delivered a brilliant performance. Many of the rehashed lines of optmius "Like us, they are more than meets the eye", "Megatron, one shall stand and one shall fall", "Autobots, let's roll"....
These all had the potential to be cringe worthy, but were delivered in a manner that worked.
Personally, up until say the time they got to the Hoover dam, the story unfolded very nicely, and in mind that I know that 2 more sequels have already been approved, this was going to be an absolute epic, they Star Wars trilogy of the 2000's.
The ending was your typical Michael Bay, finish it off in one go, and somewhat weak at it. It didn't leave an impression of building up to a 3 movie trilogy. Then again Star Wars didn't, but it made EMpire Strikes Back build the case for it.
A solid Transformers 2 can do that, I suspect a Megatron -> Galvatron story line will do that.. decepticons will come back as we saw with Starscream.
Only note was the Transformers looked overly complicated and mechanical to the point of deterring from the characters of the robots. For example all the fights between the robots, just looks a tangle of metal. Adding character to the robots would have been a good thing.