I enjoyed the new Transformers movie EVEN THOUGH there was absolutely no character development, and plot holes big enough to drive an Optimus Prime through.
It wasn't as good as the original, and the story is literally all over the map. The graphics are amazing, but the story leaves much to be desired.
As an "event film" you really have to see it in the theater to get the full effect of all the graphics and explosions. This movie is a standard hollywood event film with tons of volume and explosions.
If you like big hollywood films you'll like this movie. If you like movies with plot and character development, and meaning - you'll hate this movie - because there's really no substance to it.