Okay, I'll make it short.
The story: Is about The Fallen from Cybertron coming to the Earth to take revenge to Optimus Prime, as the remaining of the Primes, which once he felt bertrayed of. He also chasing after the fracture of Allsparks, which store the location of the Matrix, a new source of Energon...which unluckily the knowledge of it was absorbed by Sam.
The Action: Terrific! the action is really great with all those special effets and stunts. Really felt so real and alive. The fight is also more enjoyable than the first Transformers movie. Because in the first movie, what I felt was chaos, I didn't really got the chance to figured which is which and everything is so messy. But here, it's all clear, thrilling, and really enjoyable.
The Drama: This is where I don't really enjoy. They were like over-dramatize the sexyness of Megan Fox. Suddenly the character is no more than a sugar added. There were also lots of dramatize scenes. Too dramatize that makes it like some empty pauses in the whole movie. Really annoying.
The Miss: Is the the story logic when the Decepticon appear in the shape of a female body. Hey, if they are good at it, why don't they all camuflage as human to sneak in between human and that way, they could get Sam more easy than to destroy the whole city... The second miss is the fighting scene on the Egyptian dessert where in some way, the sun is dislocated between scenens, between on the top of the sky, but the next farme is on the horizon as if they intended to make it a dramatized action. But annoying..
So overall, this movie is great! Awesome action scenes!! Can't forget it after I walked out of the movie. *am i too drama here? ;P* Just ignore the drama.