Just came back from a preview screening. Really liked this one but I'll give it two scores: 6/10 for originality, 8/10 for execution.
You could call it formulaic and campy for sure. It didn't really do anything groundbreaking. But it was incredibly entertaining - there were just two human lead characters (a guy and a girl who both seemed about 20-ish - and to the film's credit, it didn't try to insert an unneeded romance between them, but just made them good friends by the end), and the action was exciting and easy to follow. Yes it was all basically giant CGI robots smashing into and blasting at each other, but the setpieces were all done pretty well, and had plenty of moments that were clearly made to get a reaction out of an audience.
I never saw Beast Wars back in the day so can't speak to any adaptation of that. But this was exactly the type of quintessential summer blockbuster that was full of fun, suspense, & action, had broad crowd appeal, and was also well-made enough overall that there weren't any glaring issues with it. Blockbusters that can do that are pretty solid in my book.
I'd easily put this up there with Bumblebee and Bay's first Transformers movie. I haven't seen at least two (might be three) of the Bayformers movies though.
I know I didn't see AOE or TLK, but not sure I remember catching DOTM.
Btw DAT ENDING totally has me stoked for a sequel. I wouldn't mind these filmmakers back to make it!