Yeah it sucked quite a bit, in my humble opinion. Talk about fighting to find a decent plotline. Special effects were the same as the first film - so many ridiculous and pointless little parts to the robots and motion blur out the wazoo make it difficult to tell what's going on.
Then again, I wasn't a fan of the first Transformers, for very similar reasons. Just because you stick a girl in it and take a bunch of camera shots up her shorts doesn't mean it's a good film.
I think in essence, the Transformers series can be summed up as the following - for me: The type of movie where if you want to turn your brain completely off and just watch "stuff" happen, while staring at a pasty, overhyped girl with no business as an actress - under the guise that anything with robots is cool, then...you can maybe pull out of it with a "meh".
No offense meant to people, just figured I'd post my view of the topic.