It is awesome. In fact, it redefines awesome and renders any movie previously described as awesome to just mundane.
Seriously though, this will probably be the best movie of year. Not only are the visuals so outstanding, but the "characters" are done very well.
Starscream isn't in the movie for very long, but Megatron still manages to verbally pummel him - just like in the cartoons.
The battles are phenomenal and there's just enough camp and cheese involved to make you feel right at home.
The comedic interaction between the bots is hilarious as well.
There are a few things that are a bit annoying, but they're so small that you barely even notice them and if you do, you quickly forget them.