In a word: Awesome.
Now on to the details. Overall, he looks great. I'm liking the sculpt. Lots of details, and shaped a little differently than we're used to. It's nice to see something relatively new (yes, ROTF was VERY different).
I also really love the colors, and the quality of the plastic seems good. I dunno if it's just me, but he seemed a lot more sturdy than some of the recent toys. It also seems Hasbro finally realized that pale-almost-white silver plastic is really crappy looking and added some more silver to the mix. The blue is a nice dark shade, and the red even seems to have a metallic and high-gloss look to it. It looks good and high-quality. And I don't mind the pink/neon red at all. I think it looks pretty good, it's something different, and it's a good representation of what's seen in the game.
That transforming gun is absolutely badass. And I love weapon storage, especially if it's functional.
The vehicle mode, while not all that exciting, still looks like a great representation of what Prime's alt mode should be... a big, honking truck. And this time it looks like he could do some serious ramming damage. And it's kind of streamlined at the same time. Even has the iconic smokestacks. Too bad they don't move to his shoulders for bot mode, but I other parts sort of fill that gap.
I guess the only real flaw I could really pick up from this video were that big kibble piece on the back. It makes him look kind of dumpy from the front. He's got a great muscular build, but the back kibble is much wider than the waist, so it ends up not looking as good. Maybe there's a slightly better way to adjust it. Also I'm still not liking the shoulders, they look kind of droopy somehow, but that's pretty minor.
You can tell how excited I am by that big block of text.
Needless to say, I'm looking forward to Bumblebee, possibly Megatron, and any other future figures we're lucky enough to see from this line.