Didn't think anything special about the first Transformers movie, I usually joked calling the movie by the title of "Sam Witwicky and the Transformers" based on just how little screen time the machines get.
I did dislike Transformers 2 more though. The only scene of which i liked was the fight where Optimus ends up losing. NOT because i don't like Optimus, but rather i thought it was a really good fight, with a lot of great action.
But that's it.
the stereotypical black characters, Transformers that they don't even bother to introduce properly, the big black balls on Devestator. All of it just a slap in the face to any Transformers fan.
That being said, while i am certainly not as big of a fan of Transformers as you are apparently, i can totally get your anger.
Coming from my angle, i am one of those "it's based on a toyline" perspective you slammed on. and by that i mean i don't take it seriously at the age i'm at right now. All i saw as a kid was some of the toys, and a few of the cartoon episodes, I never read the comics or anything else that added to the universe. So in accordance to not knowing all the extra stuff, i wasn't that tied or that big of a fan.
Hell i didn't even The Fallen was a character, I actually thought that meant the Decepticons who lost in Transformers 1 getting their revenge. With that said however, the bad treatment of characters, and overall terrible stories is pretty damn piss poor on any standard.
I will say this much... I won't see the third one that's for sure.