To try and keep it spoiler free:
Saw a preview screening tonight and I LOVED it. Some of my concerns I had about the movie ended up to be ok.
Simmons for example was far greater a character this time around. Leo the roomate however was not, but not annoying enough to bother me.
Wheelie was AWSOME. I loved him. Ravage was also kickass but I would have liked to see more of him. The parents were really good and the mom funnier than last time.
For the fans, get ready for some good ol' Meg/SS dynamic fun. Very nice touch.
Overall, to keep away from spoilers, the story wasn't anything spectacular but the movie itself was fantastic. Seeing Devestator comine was really neat.
My only gripes:
While Soundwave is only a satalite you do see his face several times. However his Dr. Claw voice used for the G1 cartoon isn't synthesized
Also I REALLY wanted to hear "Ravage, eject" but no luck. Meh, dvd comes out I can add it.
Also I felt that Soundwave wasn't too straight forward, he was but not AS much as G1 but he was still pretty cool overall.
Overall a 4/5 stars for me.