I'm... cautiously optimistic. I just read the "prequel" by Alan Dean Foster, master of the mediocre when it comes to novelizations. (For a good novelization, check out Orson Scott Card's version of The Abyss)
The back story is pretty much intact, there are a couple of characters that have been switched around a bit (I believe Megatron is in Starscream's predicament, etc) and there are some parts that I think will be reminiscent of Area 51 in Independence Day (were they able to get Brent Spiner?), but there's a chance it could be a good flick.
My least favorite part of the trailer, other than the ubiquitous "Fade to black at the end of each cut for drama", is the one guy yelling "BRING IT!". Really? That's the best line for the situation? I have a difficult time believing that.
I'll be there, though. I'm not quite to the point of buying the voice-changing helmet yet (
http://gizmodo.com/gadgets/transformers-toys/optimus-prime-voice+changing-helmet-and-battle-blaster-review-271177.php) but I'll be buying some of the movie tie-in toys for the kids.
My 5 year old solemnly requested last month that as one of our projects we build a Power Wheels vehicle that can transform into a robot, so the seed is planted. Kids are great, those minds are always working. They are definitely more than meets the eye.