Disappointed. That's the only thing I can honestly say about this movie.
The first half was filled with jokes that would appeal to an audience that was anywhere from 5-12 and seemed to have little to do with Transformers at all. I felt like Jim Carey was going to make an appearance at some point and just fit in.
The second half of the movie (once the action started), the movie began to redeem itself, but it was too little, too late.
My first guess was that the production staff decided to not spend the budget necessary for any intense action sequences in the early half of the movie and instead opted to pay under-talented writers at filling enough time to justify calling this a movie.