You know what movies had good action AND good story?
Matrix.
V for Vendetta.
All Lord of the Rings movies (especially the 2nd one).
Spider-Man (first one).
The Dark Knight.
Any Bruce Lee/Jackie Chan non-Americanized movie made. Drunken Master, Enter the Dragon, The Legend of the Drunken Master.
Sylvester Stalone movies... okay, plot might be crap in 1/2 of them, and mediocre in the rest, but it's still better than M. Bay's movies.
Point is - you seem to think that "Good action = WOARRRHHGGG EXPLUSHINZZ!! KABLAAAAAM!!! BOOM BOOM KAWHOOPOAAAASH!!". Sorry if it sounds condescending, but grow up. And no, I have nothing against mindlessness - I like games and movies with lots of action, destruction and so on... but I don't think they are good, most of the time I play them JUST for the explosions. Red Faction Guerilla, Prototype just to name two.