It was inevitable there would be a Transformers 3 -- these movie just keep making TOO MUCH money for the studios for them NOT TO.
I only saw the original Transformers movie -- great action and special effects, I must say. Though, there's the other major flaws: crap-tastic dialogue, acting, and story. Plus, the film goes on WAY too long.
I expect all Trans films to follow that trademark, unfortunately -- especially since Bay is at the helm.
Really, though -- they need to hire great writers and actors, next time around...