Fun movie. I loved it. And considering how much I loathed just about everything else Michael Bay has touched, that is saying something.
It's a summertime blockbuster popcorn flick. And it doesn't dissapoint, although I would have preferred giving the Jazz, Ironhide, and Ratchet a bit more screentime as opposed to all the meatbags or stuff like Bumblebee spilling gasoline/lubricant on the Sector 7 guy. Though I did crack a grin at Prime saying "my bad" after stepping on the yard fountain, or his answer about the Autobots learning all about Earth culture from the World Wide Web (which could have been frightening if any of them had come across 4chan), or the glasses ("eBay").
And since (if I'm remembering correclty) it was the lead F22 Raptor that blasted Megs (aka Starscream after trashing a bunch of other F22 Raptors), then we indeed got our backstabbing Starscream. And Prime taking out Bonecrusher with the forearm sword was a great homage to his energy axe from the 80's TV series.
I'm seriously hoping for a director's cut, hopefully with more Autobot characterization and action sequences put in.