OK, this one is going to be long, so just a fair warning before we go in. Short version: it's not as good as the first one, better than the second one, but still an overall disappointment. Long version; here we go.
If you've read my review of the original "Transformers" you'll see my overall opinion of the first movie. No it wasn't the best thing ever, but it was exciting, action-packed, funny, and awesome. It's a popcorn movie, but it's a good popcorn movie.
I never reviewed "Transformers: Revenge Of The Fallen" because I refuse to watch it again and I wasn't on RT when it came out. It is by far one of the worst movies I have ever seen and I was so angry when I left the theater. I was expecting another awesome movie, but I was let down.
In brief, there were a few big problems with the second movie. First, the humor in this one just got way out of hand. The first film was a high-school movie, so having that kind of humor is expected. But the sequel was promised to be more serious and gritty, but they included some of the worst humor ever. All of the annoying characters in the first movie are back (the parents, Megan Fox, John Turturro) and are now given even worst lines to read. In addition, we get new characters like Sam's roommate, Wheelie, and the Twins to deal with and listen to the whole, two and a half hour movie.
But by far, the worst let down from this movie was the action. I knew it was going to be bad when in the first fight, I couldn't tell who was fighting who, who the good guys and bad guys were, and what the heck was going on. In the fight with Megatron and Optimus Prime halfway through the movie, I thought that Megatron died because he looked exactly like all the other Decepticons.
Also, one other major problem in the second movie that also pervades in "Transformers: Dark Of The Moon" is how the Transformers aren't even the main characters in their own movie. In all the major battles of both sequels, nine time out of ten, the audience follows around Army troops with the Transformers either fighting in the background or causing random explosions everywhere. The reason the first movie was so good was because it mixed in Army vs. Transformers fights with Transformers vs. Transformers battles. This kept all the action fresh and exciting. But there are portions of the third film where we don't see an Autobot for half an hour straight in a large action scene. In a movie based on the Transformers, this shouldn't happy.
The plot is just as ridiculous as ever, and Shia LaBeouf is getting on my nerves a little bit. Rosie Huntington-Whiteley was decent though, and I liked her better than Megan Fox. The ending feels rushed much like the previous movie, and I just didn't care at all about the characters. It looks amazing, but that's expected from a movie like this.
Like I said earlier, it's better than "Transformers: Revenge Of The Fallen", but nowhere near as good as the original. While this may sound like a recommendation, I really would not encourage anyone see this movie unless they are dead-set on watching a brainless, idiotic, loud, busy, pointless action movie. I just really hope that someone else steps into this series and breathes new life into it to produce a series that lives up to Michael Bay's original.