I was beyond thrilled with the movie. While I have to agree that it isn't going to win any awards for plot, the story was engaging enough that you (well, I) actually care about what happens to the characters. The scene with Sector 7 capturing Bumblebee with Sam screaming for them to stop was rather moving.
The effects were stellar and better than anything I've seen done on certain levels. I didn't think ILM could do better than ROTS, but they one-upped that in a huge way with this film. Everything looked so realistic and not one shot stood out as being overly CG'd for the point of being CG'd. There was a mass to the robots that I hadn't ever seen before in a CG character, and my previous personal benchmark of CG character perfection (Grievous) has been passed by with all of the Autobots and Decepticons.
The crowd went nuts on opening night (a lot of TF nerds in the crowd, myself included) with people not only clapping at the end, but at the first conversation between Megatron and Starscream, as well as the Prime vs. Megatron fight (which, and this isn't much of a spoiler, has dialogue pretty much lifted from their final battle in the original animated TF movie). I saw it again projected digitally on Wednesday, and it was simply amazing to watch with a packed theater. The crowd response has been really good, which has not seemed to be the case with other films I've seen this summer.
Someone claimed on another site (I can't remember which) that Barricade's door could be seen in the pile of junk on the aircraft carrier, but when I watched it again for the second time, I didn't catch it.
And in all seriousness, the shot of Megan Fox's stomach and/or back as she was inspecting Bumblebee's engine was the most awe-inspiring shot in the film.