The concept camaro Bumblebee from the first movie was a fantastic Transformers figure. One of the best in the entire history of the franchise. Great vehicle form, great robot form and decent articulation, so it's maybe not too much of a surprise the first toy of Bumblebee for the new movie is actually a slightly retooled version of that figure.
Good: It's the concept camaro Bumblebee again which can't be a bad thing, this time he's got a new head, which is slightly larger and more accurate to the movie CGI model. The 'horns/ears' stick out more and his face is generally more detailed even if the eyes look like they're trying to see right through to your soul :P The missile launcher arm is alright though mine at least seems to have a flaw (mentioned below). I was able to switch the arm with that of my older Bumblebee figure too whenever I choose. The racing stripes like the Premium version of the first movie's figure is correctly done so it has the thin black stripes outlining the thicker ones which is something that was missing from the earlier versions. The front of the car (which becomes his chest) is remolded too to match the updated Camaro in the new film (and now looks even more like the car in Burnout Paradise which was based on Bumblebee to begin with). And don't worry about the car form photo above, the front of the car fits together much more smoothly than that.
Bad: Ok sure it's the same basic mold we've had before but it was so good the first time around I don't see that as a problem. Some more paint apps would have been nice though I tend to fix them up myself so it doesn't bother me that much (though it does have more paint apps than the photo shows, for example the real figure has yellow detailing on the arms the photo doesn't). The missile launcher is alright though the projectile seems too long to sit properly in the launcher. The waist joint is a little loose but not too much of a problem.
Overall: It's still a great Transformers figure and it certainly looks better than the Cannon Bumblebee coming out, though the Human Alliance Bumblebee (transforms differently and comes with a Sam Witwicky figure to place inside his car form) looks impressive. If you already own the previous movie Bumblebee figure this might not be worth the money for what it's essentially the same figure with modifications. But it is slightly more accurate and would look great with your RotF collection.
A four out of five for me. A great figure if a bit familiar. I'm saving the five stars for Leader Optimus Prime which I've pre-ordered which from what I've seen so far is gonna deserve them.