The first Michael Bay film will always be a guilty pleasure of mine. The opening scene with Blackout is epic and perfectly began the Transformers film series. I still get goosebumps when Barricade chases Bumblebee. And the scenes with Scorponok and Frenzy are all thrilling and well done.
There are some great scenes in that film overall so it is a shame that there is also a lot of groan-worthy material in the film. The humans should not have been played for the comedy. The Witwicky's as a whole are frustratingly painful to watch and John Turturro is the ultimate "I don't know what I'm doing, why am I even an agent?" secret agent (which is bad).
As it stands, weighing the good vs the bad, the film comes in as an enjoyable waste of a couple of hours.
In fact it's almost completely worth watching just for this scene.