Talk about your sleeper hits! The reviews have been great and "Edge" magazine loves it!
I'm actually contemplating buying a PS2, just for this game...of course I am sort of bias being a massive transformers fan.
This game is based in the Armada (cartoon) universe, so no Generation 1 characters like Soundwave, Sixshot, Thundercracker,Ironhide and Co won't make an appearance. You can only control three characters, and there are no secret characters to unlock, just Red-alert, Hot-shot and Optimus Prime.
My favorite character(s)-
Autobot-Ironhide
Decepticon-Swindle (The one robot black market, member of the combaticons, the jeep

)
If you are a fan of the transformers I recommend you pick up the new comic series' by Dreamwave revolving around the Transformers. Armada, The War within (incredible), and Generation 1, each of them are pure gold!
My friends think I'm dedicated to my hobby (I can recite nearly every Transformer and their personality traits in generation 1, all 300-odd of them), not sad. I beg to differ!
Watch out for the new movie btw, due 2006.