**Minor Spoilers?**
The dialog and tight plot threads were a breath of fresh air, especially in an action movie. The acting was passable, and it was good to see the U.S. government and military in a fairly good light for a change. John Turturo as the Section 7 guy was great comic relief. The All-Spark story was a little weak (doesn't that thing create any good robots?).
Sam's character was well done, in spite of the usual cliched hero teen. He wasn't annoying at all, and it was good to see a teen character with parents who don't put up with their crap (for the most part).
Meagan Fox was unbelievably hot (of course you don't see the tattoos, which ruin her for me) and also not annoying.
The CG was just breathtaking, though at times during the showdown at the end it was a little difficult to know who was who. I was a little annoyed by Megatron's relative lack of screen time and also lack of ORIGINAL VOICE. That combined with the lack of Star Scream having much to do and also without original voice I was a little put off. As a first gen fan I was a little sad to not hear the voices I grew up with, and also the PC choice to not let Megatron be a gun. Also, the Constructicons...no combined Devastator??
All in all a very good experience. I've heard rumors that they've got a total of 4 in the works, so we could be looking at a nice franchise for the next 10 years or so.