I don't hate the first two Transformers movies.
I think the first one was flawed (and more than alittle stupid), but not really BAD.
The second one, however, was such a flaming pile of awfulness that it enters "so bad it's good" territory for me. I like showing it to people who've never seen it, and just watching their expressions at how stupid it is.
The third one? Now THAT one I hate. It's just so... mediocre, in every respect. And the stupid levels in that one reach critical mass for me.
I don't begrudge anyone who hates those movies, but I enjoy them, in my own twisted way. I still don't think that the fourth movie has any chance of actually being GOOD, however.