Obviously, a lot of people were disappointed with ROTF-- myself included. I loved the first movie, but I thought the sequel was just way too bloated, immature, and at times downright nonsensical to be a worthy sequel to the 2007 film.
Well, the good news is that Bay's cut is not the only option. Editing-savvy fans have been having at the film since the day it came out on DVD and Blu-Ray, cutting this beast of a film down to their liking. Due to SHH's TOS I cannot specify how you can obtain these fan cuts, but if you do some research they aren't too hard to track down.
There are many fan cuts currently "in progress," but as of now 3 have been documented as released. The first two are related cuts by an editor named Kevinicus, called "Kitten Calendar Edition" and "The Real Effin' Deal". Both of these cuts leave much of the film's sophomoric sense of humor untouched, but they do make the film about 20 minutes shorter, more tightly paced, and cut down on some of the less-than-stellar plot points. The difference between the two is that Kitten Calendar Edition leaves the Twins unchanged (Kevinicus is a fairly vocal supporter of the characters), and Real Effin' Deal cuts them down significantly. I have not watched either, but they are supposedly well executed and are a decent option if your primary beef with the film is the pacing and plot. Also, Kitten Calendar Edition is availible in HD, with an HD Real Effin' Deal apparently in the works.
Here's a list or changes common between both the Kitten Calendar and Real Effin' Deal cuts:
The other cut, which I've actually seen is from an editor named Gieferg, aptly called "Gieferg's Cut." I was very pleased with this cut in spite of a few minor technical quirks and glitches (mostly audio jumps and clipping). This edit cuts 23 minutes and adds 90 seconds. Overall, this edit speeds up the pace of the film, has far less dumb humor (the parents have a greatly reduced presence in the film), it adds a few nice touches for G1 fans (Soundwave's voice, and there's some Stan Bush music in there), and THE TWINS BARELY SHOW UP! It's amazing how un-missed they are in the movie's narrative, proving just how little they contributed to the story (as in, almost nothing). Now, they're bit players no more prominent than any of the other Autobots, save for the fact that they still act like retards for what little of the movie they're in. Remarkably, even the annoying stuff that is still there seemed less annoying, just because it's not sitting on top of a massive pile of other annoying stuff.
Here's a full list of changes in Gieferg's Cut:
It's not perfect, but IMO it's still vastly preferable over the official release, and overall I felt it was a worthy followup to the first movie even though it's a work in progress.