I grew up watching Transformers and I'm not ashamed to admit I still do. Of all things from my childhood, I REFUSE to outgrow transformers. LOL
That said, I was very excited to hear this movie was going to be in the works and that it was going to be CG/Live action. I kept up with the site religiously and, like many others I'm sure, was pissed at the blasphemy of Bumblebee not being a Beetle. However, at least they were doing Optimus to look more like the G1 version, albeit a long-nose cab.
With that out of the way, I absolutely LOVED the movie. Though Bumblebee isn't in the body we knew and love, I believe without a doubt the spirit is still there.
If anything, my only complaint about the movie would have to be Jazz. More specificly, his "thuggish" attitude. I'm sorry, I just can't imagine any Autobot, especially Jazz saying "What's up little ************** WTF?
As for sequal material, I definitely think there's going to be another. IIRC, Starscream and Scorpinok were never destroyed. Someone mentioned Unicron, but I highly doubt it. If the movies follow anywhere near the evolution of the series, the next movie will deal with Galvatron. Also, if there is a sequal, I HOPE they have the combining robots like the Constructicons, or perhaps even an appearance by the Dinobots.
All in all, I give the movie a 9 out of 10.