There is a lot to like. If you had the pleasure of bearing witness to "Transformers: The Movie" in the 80s then you'll see some stark similarities. Goofy robot/machine puns, the honest and sincere effort to mix dark and gritty with the bright, colorful, and whimsical, and of course some pretty damn good action.
The character development of D-16 into Megatron and Orion Pax into Optimus Prime hits really well, and gives a really good spin on an origin story we've seen only a handful of times. Using bits and pieces from Transformers media before it, this movie blends everything into a cinematic experience that not only kids can get into but fans of Transformers from G1 to Michael Bay can appreciate.
Most importantly the movie knows when to be serious and when to joke.
The only gripes I had were:
Pacing relative to runtime.