I went to see TF3 last Friday with my wife, and I thought it was alot better than part 2 but emotionally not as good as TF1. Here are the things I like:
1) CGI - I thought ILM did an unbelievable job with the whole movie, even though there are way more Transformers to animate and render and they have to do it on Chicago and in broad daylight. With them doing the Avengers, my hope is that they will deliver another solid effort in next summer.
2) Rosie Huntington-Whiteley - I didn't really think she'd be good, and I thought she's be a distraction, but surprisingly she did a pretty good job with what she's given. Sure, she was an eye candy, but the same could've been said about Megan Fox's character. For a Victoria's Secret model, she wasn't half bad.
3) Sentinel Prime - From Nimoy's voice acting, to the look of this former Autobot leader, he was probably my favorite in this movie. And the double-crossing made him into a much more complex character what what it seems from the trailer. I was just surprised for him not to accept the Matrix from Optimus Prime, because I think he could've used it against the Autobots later on.
4) Laserbeak - It could've used more screentime, and he was the best Decepticon imo in this movie.
What I didn't like:
1) Megatron - He went from a badass Decepticon leader in TF1 which had Optimus Prime almost rolling over in his fight against him, to a pathetic Cybertronian who only got an upper hand because he blindsided Sentinel Prime in his fight against Optimus, and seconds later got his spine literally taken out by Optimus Prime with only one good arm. Really sad and unsatisfying end for what was supposed to be a great Decepticon leader.
2) Sam - Don't know, I just didn't really care about him nor Shia's performance. I think I just got bored with his character and his antics. Same could've been said about most of other human characters too.
3) Decepticons - So, you outnumbered the Autobots by hundreds to nine, and yet you still lost? And why did you held the Autobots hostage in the first place? Btw, Shockwave was next to useless. I can't think of any worthwhile thing he did except for that lucky shot against Optimus' jet wing.
4) Autobots - Hmm, anyone else besides Optimus Prime want to show up?
5) The last 1/3 of the movie - I know it was filled for wall-to-wall action and Transformers up the galore, but emotionally I was becoming detached even after seeing the city of Chicago being destroyed. For some reason Bay zeroes in on the actions but the rest wasn't up to speed.
I'll give TF3 about 6.5 out of 10, but my score may go up or down after much more reflection on this movie.
Btw, that cartoon above my post is pretty spot-on.