Saw it in 3D yesterday. WOW.

Easily the best use of 3D since Avatar. The action actually makes more sense and is easier to follow in 3D than 2D.
All in all, my scores for all three films are as follows.
Transformers: 7/10. Great effects, cool story, and fun characters are all in place, but the film is held back by an overall lack of action, poorly executed fight sequences, and a scene that broke even my suspension of disbelief (and that is hard to do!).
Transformers: Revenge of the Fallen: 5.5/10 Excellent effects, a cool concept, and Optimus Prime being a world class badass sadly cannot rescue this film from it's atrocious script, offensive racial caricatures, and over-the-top humor.
Transformers: Dark of the Moon: 8.5/10 Michael Bay redeems himself by delivering a film with top-notch action and effects and a greatly improved script and story. Unfortunately, some of the series' classic villains are pushed into the background to make room for new ones.