Just got back from seeing the midnight show of it, I thought it was fantastic, a lot better than Revenge of the Fallen if you ask me. I thought the plot was better, the character were more likable, practically a good chunk of the cast got a back story to them that was elaborated in the plot, be it from flashbacks or a few lines of dialogue, like Scarlet. Personally, I did like Duke and Snake Eyes stories, along with Cobra and Storm Shadows. The action you can actually see, and was pretty enjoyable. Hell, I even loved the suits for them, I thought they were going to screw that scene up, but they didn't, or at least, not for me. During the whole film, I said a lot of "Oh Snap" to certain plot points.
Unfortunately the crowd wasn't as packed, since they were still selling tickets around 11:45 for it, which was when my brother and I went in to get our seats, wasn't was packed, and we were able to get prime seating. Didn't get as crowded until the previews started, but the theater was still packed. Even though the reaction to it was less than when I went to ROTF, I think they had the same audience attendance, People went wild at the end, but there were only a few claps and cheers at the end of this flick, which kind of saddened me.