Ok I grabbed tickets for a midnight showing of Transformers: ROtF.

I'll keep my opinion short and to the point, adding more to the discussion as more of us see the movie.

Action: Highlight of the movie, hands down

Story: aldfasdfsa;dlfjsaldfkja;ldskGIANTROBOTS;lsafjasd;lfjdsaf;lasjdf

for the ones that one a semi long description:
The action scenes were ALOT better than Transformers 1, HOWEVER what drags the movie down was the story. A good half of the movie was wasted on lame jokes. Some things seemed out of place, other wtf happened to this transformer cause we obviously never saw him die on screen, and then the Racist/Stereotype autobots.

aka: Same story problems as Transformers 1 multiplied by 10 but offset by superior action scenes