As per Michael Bay, I expected lots of cool action scenes and blowing up of expensive things. It definitely delivered on that front. The characters were still very loveable as they were in the first movie, though I have to say that the dialogue occasionally left something to be desired in certain parts.
I didn't really like how they were blatantly trying to appeal to younger kids by making the 'twins' sound/look all 'street' and 'blinged out'-- I felt it was something that could have been... done a little better.
Overall I was very happy with it (I even cried a few times!), and would see it again.