I saw Transformers a few hours ago and it was awesome! Better than I expected, as a matter of fact. I did expect good special effects and action, but I got more with a good story and surprisingly, lots of funny scenes. I didn't think I would be laughing this much, with several out loud laughs. And I wasn't the only one laughing, so it's not just me. It's not a comedy, to be sure, but for an action film, the humour is more than the usual one-liners.
I'm not too familiar with the back-story of the Transformers, since I didn't read or watch them when they were 'just cartoons'. There is a nice intro at the beginning of the movie, so I knew enough for this particular story. On the other hand, I may have missed a few references, but it would not have affected my enjoyment of the movie if this was the case. Actually, not knowing what it should have been, if they diverged from the origins of the characters, may be a good thing. I just don't know.
One reference I was not expecting is to the Kill Bill movies. It may just be a coincidence, but I doubt it very much. What I know is that we laughed when we saw and heard it. I won't say anything more, not to spoil it for you guys.
In short, there are two clans of Transformers, the bad guys, the Decepticons and the good guys, the Autobots. And the fact that they battle on our planet is not a coincidence, as something brought them here...
One thing I did expect was great special effects and we got that big time. The visuals are spectacular and believable. One of the FX house that worked on this movie is ILM, which is not surprising.
There's a few short scenes during the beginning of the credits, but nothing at the end, which did surprise me, as I thought they would hint at a sequel with a short visual clue, but that was not the case. The end of the movie do make a sequel possible, so that is very likely to happen, IMHO.
Go see it already!