My wife and I watched this again last night. The action is so much more clear at home; We saw many things that we had missed before, and we saw it in the theater twice.
As for the people who do nothing but criticize this movie and Michael Bay, it is no Citizen Kane or On the Waterfront, but it never was meant to be. Before you are so quick to judge, consider this:
Go back in time and show the 4-6 year old version of yourself the original Transformers cartoons [the early to mid 80's is when I watched it].
Now, fast-forward and as an adult, watch this movie. As an adult, watch one of your fictional childhood heroes, Optimus Prime, come to life on screen, with the voice from the person who played the original voice.
From that perspective, this movie is absolutely amazing, and it was to me.
The icing on the cake was to see one of the exact gunships that I wrenched on for almost my whole 9 year enlistment whoop a little ass and "bring the rain".
I hope they do the sequels as much justice as they did with this movie.