Finally watched it and...
LOVEITLOVEITLOVEITLOVEITLOVEITLOVEITLOVEITLOVEIT!
It's the best fun I've had in absolutely ages. I was pleasantly surprised at how downright funny it was. Pete's spoiler aside, they also have several laugh out loud characters. I loved the banter between John's Turturro and Voight.
But most of all I loved this movie because it reconnected me directly with my childhood. Nine years old, bashing toys together and a touch later on, discovering the comics which against all odds gave the characters heart.
I think that's the secret of the film and why it works so well. Whenever they had robot on robot action, Bay obviously choreographed it as if he was nine years old with Optimus in one hand, Megatron in the other, making silly voices and explosion noises, saying cheesy lines while enthusiastically bashing them together. Or just whirling a car round and round his living room carpet making vroom-vroom sounds! Simple, but it works, because that's what kids do and they believed in it, wholeheartedly. No need to be clever, just bash 'em together!
And it doesn't hurt to add other base attractions that your average nine year old hasn't paid much attention to. Big guns, and a girl with a really nice arse!
Dare I say it? Yes, I dare. BRING ON THE ZOIDS!!!