Well, I agree that Michael Bay movies are more about action that plot, which is why I thought Pearl Harbor was cool. I just watch it for the actual bombing. But, I just saw Transformers 2 and yes, there are a few holes in the story which could be told better, the story was kinda rushed, and the part in Egypt was kinda dragged on. Kinda heavy on the swearing, compared to the first movie. Also, they have got to stop "hiding" the action. For example, when Ironhide first transformed, it was so fast and unclear even though it took like 15 seconds. And the fight scenes are always kind of short and skewered by trees, pillars, walls, etc. The camera is always in the wrong place.
But other than that, I thought the movie was awesome. The "FATALITY"s or Finishing Moves were killer. Optimus Prime is FREAKING BADASS. The Corvette was sexy, the "Z28" Bumblebee was awesome, and overall, it's very enjoyable. Go see it