I heard it was close to an hour before you even saw any action, and it's a 3 HOUR movie! And this was from someone who was your people's age. I find that the 35-40yos never got into the whole thing as the 25-30yos did. That would be the good thing about being a child of the 70's opposed to the 80's.
Ok, I thought the special effects were AWESOME!!! The CG was seamless. Some of the human scenes were a little off - Shia Labeouf was overdoing it a bit sometimes, while Megan Fox was a little flat.
I thought Hugo Weaving should have done Optimus Prime's voice instead of Megatron.
I would definitely go see it again.
The Decepticons were Bad Ass! The first scene with Blackout was awesome.
Whoever told you there was no action for the first hour must have walked into the movie late.