Went to the midnight showing.
My thoughts on it without spoilers:
It's basically a typical Michael Bay movie. You go for the explosions and action. The story is superfluous and shallow and spotty, which works with Transformers, I believe, because ultimately? You go to see giant robots kicking each others ass, blowing shit up, and doing cool car-to-robot-to-car tricks. You don't really care why they're doing it...you just want to see them fight because it's giant robots. This movie delivers that in spades. There's like three times as much Robot Fighting as the first movie, and it's a good...thirty or forty minutes longer? Something like that.
There was some human-related parts that were long, unneccesary, what-have you, but that's okay because it usually ended up playing out into a major fight. The parents were in there, Sam still scrabbles around, and Megan Fox has huge freakin' lips.
My thoughts WITH Spoilers: Spoilers people. There are spoilers up in here. Spoilers. Many Spoilers. Get over the Spoilers.