Man, that was fucking awesome. Little eensy bits of childhood came rushing back.
There were only two things that bothered me in the film.
1. Starscream's voice wasn't...y'know...Starscream's voice.
2. Bumblebee was a Camaro, not a Beetle.
I enjoyed the way they constructed various movie memes and quietly sidestepped them -- for example, the two main characters being set up for a kiss which never happens.
The special effects, I think, were a touch too busy. Too many moving parts which took too much of your attention to really watch.
It's interesting having seen this film because it brought all those old memories back to the front of my brain. I used to watch it when I came back from preschool and I caught it irregularly because it wasn't always aired at the same time -- or so it seems to me in hindsight. It was on some sort of crazy rotating schedule with Voltron and Robotech.
It's nice knowing that little moments of clarity are still there, stuffed underneath everything else in my brainpan, waiting to be pulled out to the light of day for some reason or other.
Anyway -- that really was awesome and it makes that Citroen commercial look an awful lot sillier by comparison. ; )