Got really lucky today! My friends and I left Islands of Adventure around 6:30 and went right for the studios. When we arrived to the ride, they were letting people in...talk about impeccable timing.
So, the ride is awesome. It's mostly screens with less emphasis on sets(with the exception of 2 or 3 areas) but it's a greatly paced ride! The story and some of its moments felt too similar to Spider-Man in my opinion, but it never detracted from the experience. I love the rooms where the screen took up your entire peripheral vision and the characters are larger than life. When Optimus Prime first shows up, he's so incredibly large that one has to tilt their head up to get a full look. It was enthralling.
Overall, definitely a fun experience and it will be a winner at this park. With Harry Potter Part II on the way, the Studios are creating reasons for people to want to go there as opposed to Islands of Adventure. Transformers is awesome!