Yes, the transformers movie was one of the greatest movies I've ever seen. I haven't been so pumped after watching a movie since I last saw Star Wars movies and Matrix movies in theaters.
I'm definitely going to watch this movie again before it leaves theaters. That movie was astounding. Forget what all the badmouthers are saying, there's no way that the movie was no good. I thought it was phenomenal, the battles, the special effects, the comedy. I thought the comedy was pretty clever for an action movie.
There definitely will be one or more sequels, seeing as Optimus prime sent out a signal to all other Autobots hiding in the universe to come to earth, and starscream got out and is probably going to find the rest of the decepticons and make them come to earth either for revenge or to try and revive Megatron, or to get the allspark from within him or a combo of all of the above. Plus the fact that they're reportedly already working on the script for the next one(s).
And about the GI Joe movie, apparently they were going to make GI Joe a long time ago, right before they started on Transformers, like 2003 or so. But then America invaded Iraq and they didnt think a movie like GI Joe would sit to well in the public eye at the time. So they went back to the drawing board, brainstormed and decided to go after the other great Hasbro commodity...Transformers. And so here we are 4 years later watching the glory that unfolded.