I'll say it. I have nostalgia for this movie. The Transformers have been a big part of my life since I was a kid, it was a cartoon that I cherished. That being said when this movie came out I like others thought "well this isn't the way I would make it" because I would make it like the original animated movie, but you know what? It was a big hit, it was cool to see other people think what I liked was cool all of a sudden, even my mom loves it. My friends who never knew about it suddenly looked at me like yeah, Transformers. And if you told me "this is a family action, casual friendly, blockbuster adaption of Transformers" I would say yeah, for that, it did it's job pretty well.
Just like with the X-Men, it didn't have to be totally accurate to the source material to do it's job of connecting to a wider audience, because at that time colorful capes were not the in thing.