Being a G1 die-hard, I was naturally skeptical about this new series (especially after catching glimpses of the questionable character design). But I have to say that after watching the first 3 episodes (or was it a full 1 1/2 hour mini-movie?), I think this new series is pretty good. Not great, but good.
The high points: They kept the original transforming sound (which is more than I can say for that damn live-action movie). The storyline vaguely follows in G1's footsteps (it's not exactly the same, but it's close enough). Oh, and you won't even notice the funky character design after a while...it's not actually THAT bad after all, once you start watching.
The one low point: Most of the characters have changed significantly. A lot of these new Transformers seem to be combinations of different G1 characters. Ratchet in particular is a perfect 50/50 hybrid of Ironhide and Kup, Optimus seems more like Rodimus, Megatron has vague traces of Unicron, and so on. However, it must be said that the writers/producers had the good sense to keep at least a few key characters perfectly intact...namely Bumblebee and Starscream.
For somebody who loved the original so dearly, this series doesn't disappoint. It's an entertaining take on the cartoon that defined my childhood. If nothing else, it's definitely fun to watch!