Huge fan of the show as a child myself, but I did have to snicker at the "Animal House for Children" comment. I am not sure how this movie is going to stack up in the grand scheme of things, but I can definitely say that people are looking at this through "rose colored" glasses as it were. For us, Transformers is frozen in our minds, its imperfections glossed over by our sheer enjoyment of the show and especially the toys. Like ANY cartoon from the 80's, in hindsight, the show (while far from the worst example, He-Man comes to mind) is not quite as titanic to watch as I remembered as a kid. Is that bad? No. I can recognize that if that EXACT show was to come on now, I would probably chalk it up to something equivalent to dragonballz. So, I don't think its unreasonable to think that a modern adaptation of the show would be HIGHLY edited for the majority of those not in my shoes. In truth, a G1 Megatron or Starscream would probably look awful on film. I would wager that if they did an exact transfer of them into modern CGI, most fans would be posting on this very forum that they looked cheesy, and that the movie people put zero thought or work into trying to realize them in "real life".
"The name is simply a tool to sell the movie (or something to that effect). Of course it is. If you are trying to sell this as some giant revelation, people on this forum truly are kidding themselves. When I first heard they were making this film, the first thing in my mind was not some epic retelling of the original cartoon. Please give me an example of a high cost movie based on a super-hero or cartoon where the story/character design was NOT tweaked, and in most cases severely. People will most likely say Spiderman, but honestly, there was QUITE a bit of tuning from the original series I grew up with. If you want the original cartoon series on a movie screen, go buy a bigger television. Would you buy a cover song thats an exact copy in every way? Whats the point?
/Rant off.
In conclusion, I am quite unsure as to whether or not this will be a good movie. I can't say I am a fan of any of Mr. Bay's previous work, but with that said, my gusto for Transformers is more than adequate enough to gloss over the possibility of it being awful, and atleast give it a chance. I for one will see the movie before posting my opinion on whether or not it was well done.