Thats basically what I thought. I have most of Bay and Bruckheimers films and the style they give is all there, but the could have done more with the script. after all most of the people who saw it weather 9 years old or 35 are into one thing "robots" so an inteligent script would not have been miss-understood by them.
That and the shaky cam rediculously close close ups things and you'd have an outstanding film.
Much in the same way that Jurassic Park broke the mold on CGI tech but at the same time just threw the existing story in the trash Transformers has done the same. They both did well at the box office and both spawned sequels.