Hey nothing any of the Transformers series have ever did has been worthy of an Oscar. Gen 1 is still my favorite despite all the stupid stuff found in those cartoons. Transformers Prime is actually a big improvement and I highly recommend to any transformers fans to start watching it.
Bay's 3rd installment certainly had a lot of really stupid stuff in it, but again this is Transformers NOT Apollo 13. The Kennedy cameos was really cool IMO and Shockwave was pretty awesome to see. I wish Bay would put some color in the Decepticons so you can tell who is who.
Personally I'd love to see a Prequel that shows who created the transformers (the Quintesson were the creators in Gen1). Also it would be cool to see Cybertron during its Golden Age when autobots and deceipticons were at peace. Imagine seeing Prime/Megatron working together until Megatron betrays him? While we are at it, throw in Unicron and have him munch a few planets