I've watched it last Sunday.
SPOILER ALERT!
Not bad, though I do feel the movie was stretched too long for the plot to handle. After Optimus' 'death', I felt the plot has ceased moving until the scene at Petra where they learned about the Prime's history that's when the plot started picking up again.
The fight sequence was very impressive but brutal with some Transformers meeting a VERY painful death (most notably Ravage). It's also lengthy especially the final battle in Egypt and one could easily get lost in the midst of the firefights. Though impressive, they failed to produce that 'ooh!' factor that the first movie have, save for the merging of Devastator and Optimus' new 'add-ons'.
I'm not impressed with the limited screen time that characters like Sideswipe and Arcee had as compared to Skids and Mudflaps. On the plus side, I should give credit to Soundwave who made an impressive debut as a true intelligence officer and Megatron with his usual tirade at Starscream. But my vote has to go to Jetfire (aka old man) with his hilarious outbursts and blundering body parts. Too bad he, like Jazz, end up dead too...
I'm also not impressed with some of the jokes the movie had, most notably Wheelie (aka Eric Cartman Mk 2) humping Mikaela's leg and Devastator's..."wrecking balls".
Overall, I think the movie was still a fun piece that's worth watching again even if it lacks the impact the first movie had. But if you're the type that cares about the plot, this may not impress you.
My score: 7 out of 10.
EDIT: "Worst Movie of the Decade"?? Are they (the critics) telling us it's even worse than Battlefield Earth or any Uwe Boll films? That's soooo over-stated. >8(
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Friends/Watching:

I see that you have some interest in cars too, particularly Honda and Mercedes. Same here too, except that I'm more of a general one.
For me, I'm not that good of an artist but I do have some 'talent' in writing if you noticed it.
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Ryan: I can't see!
Prisoner: Take the waste basket off your head...
Ryan: *takes off waste basket* I still can't see!
Prisoner: Take the other one off...
From "Wrongfully Accused"
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if it was raining soup, the Irish would go out with forks.
I am unhealthily obsessed with FullMetal Alchemist
Didn't realise Idate has bad sense of direction. Get a map or something, man... XD
--
Ryan: I can't see!
Prisoner: Take the waste basket off your head...
Ryan: *takes off waste basket* I still can't see!
Prisoner: Take the other one off...
From "Wrongfully Accused"
--
if it was raining soup, the Irish would go out with forks.
I am unhealthily obsessed with FullMetal Alchemist
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LONG LIVE LEGENDZ >w< !!!
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"There's a war going on for your mind."- Flobots
"I bring Darth Vader's enemies to justice, and now so do you." -Starkiller
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