Ok, so I saw Transformers 2 and it rocked. It has a really good plot-line with elements of all the various generations of TF mixed into it. IMO they did a great job and I highly recommend seeing it.

I would rate it a 8.5 out of 10, they still have issues with TF personallities (mainly autobots) and focus a little too much on Megan Fox (she's hot, don't get me wrong, but its TF not MF).
They also went over the top a few times on jokes, but it was well played into the movie. The Autobot/Decepticon fight scenes were well played and you could actually tell who was who and what was happening, the only real complaint I had was that the Autobots got very little screen-time (except Bumblebee & Optimus) adn I was hoping to see their personalities developed a little more, but thats just me.

So, there you have it... this is my opinion and I'm sticking to it.