Well I went to see it last night, it was a pretty good movie.
It had its childish moments, the CGI work was pretty top notch. BUT it was a little weak in points, the plot had some holes in it. The movie left some unanswered questions as to what happened to some characters.
It gave a great back story for the Autobot half of the characters but really didn't have any interaction between the decepticons. OR much of the real background or history between the two major robots, Optimus and Megatron.
Also ... megatron was in stasis for a long long long time..
HE gets out and does what... berates starscream as usual like he had just seen him the other day at lunch
They kill off a minor character which never happened in the cartoon series.
And there is no closure, no hint. well possibly a minor hint to another movie.
And then there is the whole thing of what in the heck with the autobots do while hanging out on earth in hiding??
Bumblebee wants to hang out as Sam's car... why? Does he prefer to roll around on his wheels, getting hot or bird poop on him in the parking lot of the high school?
The end was nice... but you wonder why an intelligent robotic life form lets a pair of humans make out on his hood and windsheild.. maybe he is a perv
Good fight scenes, weak a$$ government people, parents who make a pumpkin look promising as a father/mother figure. Good and funny dialogue, But too much and not enough time.. It should have been two movies. They could have done a Harry Potter/LOTR thing and just kept filming it would have made two great movies, some year or six months apart. But instead a long good movie..
As they say in Mystery Science Theatre...
Its just a show you should learn to relax.
Go see it, enjoy, laugh and then give your opinion

The movie only comes out at the end of July for us here in the UK.

...but from what you mentioned it seems like the studio execs went for the tried & tested formula.

very simply, and for the more inteligent view, predictable.

I guess it's a story for those new to it (so that they don't go round asking loads of questions to understand the background)

therefore, you are left with all the viewers with an IQ of above 75 or above the age of 12 who simply find it too simply....
...but by the time you realise this, you are 45 mintues into the movie (with no hope of it getting better, despite all your wishes) and mucho $$$ out of pocket !

chances, I'll still go and watch. then moan about it straight afterwards !