It's been ages since I played it, so I can't quite remember how epic it was. I did get to play 'Fall of Cybertron' quite recently though, and that was surprisingly good. These developers really had a passion for making great, spectacular games.
Even when they weren't at their best (such as Deadpool, the Bourne game, and maybe this first Transformers title) they still made much better licensed games than most developers / publishers of the time. As far as Fall Of Cybertron goes: There are some brilliant set-pieces, decent action, and still quite impressive graphics despite its age.
I'm not sure I'd say this one is a classic, but I sure would like to be able to play it without having to resort to robbing a bank so I can pay the £1000 or so it goes for these days...
If nothing else, from what I can remember it was a good first effort, that was then refined to a huge degree in the sequel.