I saw it last week, and to tell you the truth, it wasn't that great. Sure, the special effects were awesome, but the story simply had too many holes for the movie's two and a half hour run time. Put that with the Decepticon humping Megan Fox's leg, the huge pyramid-destroying Transformer's balls (yep, they gave a transformer balls), the annoying parents, the pot-brownie sequence (no one acts like that while high), and some bad dialogue (Say I love you first!), and the movie gets a C in my book. On a good day.
Could I have done better? Hard to say, but if anyone wants to give me $200 million and the rights to Transformers I'll give it a shot.