Well, I saw the movie last night (the opening). Though I got there early with my friends, there was a big line-up. It seems it's a very popular movie.
Overall, I loved the movie, but I have major reservations. I loved the animation as it's flawless. We have never seen anything like this - vehicles moving at fast speeds and transforming. There are spectacular action sequences (
Starscream's attack on the jets, and Blackout's attack on the military base, are the best sequences in the movie
). Some of the characters really shine - like Optimus Prime, Barricade, Frenzy and Bumblebee, but unfortunately that's it.
The flaws of the film are
that the Decepticons really don't have much of a presence (which is a shame that Starscream has two or three lines, so we don't get to see much of the classic Megatron/Starscream feud), and most of them don't show until the last quarter of the movie - Blackout (the best design) has no character. Jazz is killed off, yet we don't care because there's little development for him. The human characters, especially Agent Simmons and Spike's parents, are terrible. There's too much humour, not enough plot development. The plot moves too fast, as well. There are some plot holes, too: Why is it that the Transformers shut down when they freeze, yet they travel through space which is colder? Why is it that they land on Earth like meteorites, so obviously they can withstand great forces, yet they are damaged so easily by missiles (and Megatron).
Overall, a very enjoyable film. I'll be seeing it again.