The storyline is not too complicated for newbies to watch but for those who are fans of the first Transformers series on TV, it is a must and the characters are well-played. The CGI blends well with the actors and scenery. This film has a good combination of live-action, and adequate story-telling, with a good dose of laughter and a sprinkle of drama.
The guys (and girl, sorry , Nikki) I'm with are surprisingly silent throughout the film, which really amazed me. During those rare times that I watch a movie with them, I couldn't understand the dialog of the characters, much less understand the plot due to the incessant chatter (editorial comments, blood-curdling screaming, demonic laughter). There are a few things that makes these minions of mine as inert as a rock, and this film is one of them, but I digress...
The story is all about the race for the "Allspark", a thingamabob that looks like a Star Trek "Borg Cube", that was lost during the war between the Autobots (robotic good guys with the ability to "transform" into a vehicle, among other things) and Decepticons (bad guys, same abilities) in Cybertron (their home planet). It was said by Optimus Prime (voiced by Peter Cullen, the original voice of Prime in the first animation series), leader of the Autobots, that finding this Allspark is top-priority as it is ultra-super-wonderful-mega-hanep sa wow-grabe-powerful that it gives life to non-living things. This Allspark somehow landed on Earth at the frozen Arctic. Megatron (the meanest, baddest bastiche leader of the Decepticons), also crash-landed on Earth but somehow made dormant due to the electromagnetic interference of the planet. The main character, Sam Witwicky (played by Shia LaBoeuf, "Leo" of Charlie's Angels - Full Throttle), whose grandfather accidentally discovers Megatron and the Allspark. Somehow, the location of the All-Spark got imprinted in the old explorer's eyeglasses (eyng? go figure...).

Sam Witwicky is your typical American teenager, albeit a nerdy one. The gangly lad wants to sell his grandfather's eyeglasses at e-bay to have enough money for a new car, which happens to be Bumblebee (no, he's not the cute Volks this time). I am guessing that Bumblebee is the second 'bot that came to Earth and was assigned to protect Sam.
A few cute moments were integrated in the film to establish the love interest between the main character, Sam, and Mikaela (Megan Fox, a certified babe, check those sultry eyes, pouting lips, curvaceous body...), with Bumblebee playing cupid.
Meanwhile, a Decepticon spy (a boombox, similar to Sound Wave, but without the harmonica-like voice) have also landed on Earth, attempting to discover the location of the Allspark. The spy hacked into America's Department of Defense, creating a virus that also disabled the country's defense and communications systems.
Hmmm... Imagine if the 'Cons tried to hack into our database... Wait, who am I kidding? Do we even have a database? Hehehehe....
Anyway, the 'Cons successfully found a way to discover the location of the Allspark. So, the race for the elder Witwicky's eyeglasses have started, with Bumblebee signaling for help.

Help came in the form of four Autobots (Prime, Jazz, Ironhide, & Ratchet, who took in the appearance of GM vehicles). The Decepticons also called for back-up (Scorponok, Star Scream, Barricade, Wreckage, & Blackout, each sporting a much-cooler form: scorpion, a jet fighter, police car, tank, and attack copter).
Battle scenes ended up in the city. It seemed that the Autobots were winning at first, until Megatron (as a futuristic fighter jet) showed up. The bastiche even bisected poor Jazz! Optimus Prime's last option is to sacrifice his life and destroy the Allspark so that Megatron cannot use it, but Sam instead used the Allspark to destroy Megatron.
In the end, the 'Cons were thrown into the deepest parts of the ocean, while the 'Bots opted to stay, although hidden, on Earth. Optimus Prime sends a message to all 'Bots in space, inviting them to come to Earth and live with the humans.
*sniff* *sniff* I smell a sequel. Well, it's either that or my deodorant is nearing expiration point...
CHEERS & JEERS:
CHARACTER: I wish there were more of the Autobots and Decepticons in the movie. I like the part where Prime is dangling from the bridge like a gorilla. It's like a tribute to the first CG animation of the Transformers: Beastwars. The voice of Prime gave me a twinge of nostalgia. I would have liked Jazz to survive, though. Bumblebee's voice, at first, made me think about the Autobot Wreckgar (a Junkion) whose speech was amalgamated from various TV and radio dialogs.
SPECIAL EFFECTS: The CGIs really gave me the impression that it's real and that the robots are heavy. Fights scenes between robots were too fast for me and a bit grainy on close-up, but impressive nonetheless.
GRIPES: Why is it that the life-giving All-Spark, when it creates life in a thing, makes it evil? During the movie, I think it gave life to at least two non-living things: a Nokia cellphone and a Vendo Machine, both of which immediately transformed and started to beat the crap out of everything else. I also miss Star Scream's irritating, teeth-numbing, screeching, parang-pinupunit-na-yero voice. The transformation between robot mode and vehicle mode is much too slow for me, but I dig the sounds of transformation.
RECOMMENDATIONS: I would definitely see it one more time on DVD. It is sure to have lots of deleted scenes, plus I could watch the film on slow-mo, to follow the battle scenes more closely. All in all, it is definitely a very good movie. My friends and I even gave a standing ovation after the show, hooting and cheering with the audience.