I went to see Transformers: The Last Knight with my kids last night. Just did 2D because 3D makes my eyes bleed, wears off after 15 minutes, and adds basically nothing to a film.
Quick Review: If you thought the previous 4 TF movies were lacking, installment #5 (TLK) will probably surmount that disappointment. Just from a shallow "popcorn flick" POV, it has less action, a slower pace and more crappy dialogue than #4 (AoE) did. To its credit, it does delve into some new ideas and retcons in some key plot ideas borrowed from a mish-mash of TF lore (G1, comics, original TTFTM, and Transformers: Prime. But the ham-fisted execution, anemic plotting, uninteresting characters, boring dialogue, and the excessive amount of time spent with the humans just drags it to a level of going through the motions mediocrity that had me looking at my cell phone clock about 20 minutes into this two and a half hour motion picture. While some plot elements are explained as continuations from the previous film, others are completely haphazard and presented with no explanation whatsoever. For example, what happened to Galvatron (from AoE) and how did Megatron suddenly get resurrected? Not explained. Where did the baby Dinobots come from? Who gave birth to them? Seriously. They just show up and are there for a few minutes, and then never reappear. Too many elements and many characters are presented with no purpose other than to consume screen real estate and time. TLK is a classic case of doing very little when presented with too much. But then that is essentially the Michael Bay credo.
Should you go see this film? If you've got nothing better to do and that $12 is burning a hole in your pocket....sure why not? But for me, I went to see it because I want to at least indirectly support the franchise while holding out some faint hope that if there is continued interest, someday in the future, they will make a movie that is actually good. That did not happen again this time, which is unfortunate but totally expected.
Full disclosure: I consider myself a diehard "geewun" fan and I still actively collect TFs. All of these Bay films are pretty silly and quite lacking IMO. But I try to present a neutral review here.