First of all, it wasn't new anymore. The transformations, we had seen them in part one so the "magic" was a bit gone. Although Optimus transforming in mid-air after skydiving from an aircraft gave me goosebumps
Secondly, the movie could be about 30 minutes shorter. Not only some cheesy dialog scenes, but also some of the fight scenes could have been shorter.
This is probably gonna sound stupid after seeing a Transformers film, and before I saw it I wouldn't think it was possible that I would be saying this, but I think there are to many Transformers. Some of them (especially on the Decepticon side) just came from space, fought for 30 seconds and were destroyed, leaving no clue who they were.
The ending seemed a bit rushed. In the first film you got to see some events after the battle, Lennox beeing dropped of home, Decepticons beeing thrown in the ocean and stuff like that. In this one nothing. Optimus and Sam on an aircraft carrier... Whoop-Ti-Doo, where are the other Autobots ???
And the last negative comment, which I found the worst is that the Autobots from the first film almost don't get any screentime. Besides Optimus off course. Ratchet and Ironhide don't get to do much, especially Ratchet.
Then the new autobots are hardly introduced, some of them only get there names mentioned. Only the least interesting and most annoying get major screen time. I wouldn't have minded if the Twins (who were (.......) annoying) would be eaten alive by Devastator or crushed beneath his feet.
And then there's Bumblebee. My favorite Autobot. Although he had reasonable screentime and a really awesome fight scene with a Decepticon, he wasn't seen after he was seen sad over Sam's "death". Come on Bay!! Give Sam's protector a better last scene for this movie. I would have showed him rejoiced that Sam still lives, maybe hug him or something, at least acknowledge the fact...