Does this mean it is completely flawless? No. And is it the worst movie of all time as I have seen in some reviews and various message boards? For me, not even close. Transformers 2:Revenge of the Fallen is not the best of the year, but it is a long way from the worst either(not like The Ugly Truth or Dragonball Evolution). And yes, this is coming from a fan of the 1984 series and 1986 movie.
Neither of the Transformers films are masterpieces, but neither are terrible movies either in my opinion. I quite liked the first Transformers and this film.
