Loved it. Megan Fox was not missed first off. The actors were over the top and a little silly, but I enjoyed them all.
The Transformers never looked so good! The action was intense and the new characters (as well as previous ones now being used in a real sense) were great to watch. The 3D IMAX experience lets you really get a feel for being in the middle of a large city under Decepticon siege. There are so many things that were done right in this movie that it makes up for the second one's bad writing a hundred-fold.
I wanted to laugh, cry, applause, scream, and then hurt the characters. It was a true masterpiece of a movie that just happened to be a super-hero movie.