This movie is better than the second Transformers movie. It is rather long (154 minutes) and takes a while to get going.
There are a few scenes that seem to be missing, either never filmed or deleted when they should have been left in. At one point some Autobots are captured by the Decepticons have to be rescued. However, we never see the Autobots getting captured, just the rescue. In another scene Optimus Prime losses his flight gear and says he must to recover it. Later we see Optimus flying, so he obviously did get the gear back, we just don't see how he did it.
So there are a few missing scenes in the movie that really needed to be there in order to tell the story better. I'm surprised nobody pointed this out when they were making the movie. The DVD and Blu-Ray do not contain any deleted scenes or special features, so no possible deleted scenes there.
Overall it was very good, but had a few basic movie making mistakes that are surprising in such a big budget movie.