I'm a well read grad student who's bluntly honest about all things, although I try to be most honest about myself.
This has its own continuity, one in which it makes sense to slap Megatron in an 'I ♥ Grilled Cheese' apron and have him build a machine to make, ah, grilled cheese sandwiches.
And it works, because the Kre-Os are cute in that way, and it's kind of a Wizard toy-spoof while at the same time being it's own adorable little continuity. So pretty much, it's a picture of the toy, and a brief bio.
There are still things that don't make sense, though. Like no explanation of how Arcee is both Aligned and G1; if this is it's own continuity, but it also has two (Aligned/Prime and G1) then it's disingenuous not to make that clear - especially as, say, the Arcee/Airachnid feud is done with the G1 Arcee when it's established in Prime rather than G1. (It's also nitpick, but... this bugged me.)
Why do some of the Predacons - Decepticons who all turn into animals - turn into what appears to be vehicles? And again, if that's a rule of this new continuity, why isn't that made clear somewhere? And why is there only one Maximal - Cheetor - who is labelled an Autobot? (Maximals are to Autobots what Predacons are to Decepticons.) Why are some Decepticons - they have always been Decepticons - now affiliated with the Predacons? That one half page about the Decepticon/Predacon alliance doesn't quite explain why, if you are still going to separate them into subgroups, Seekers like Dirge are affiliated with Predacons? Especially since he has Predacon pals, but clearly turns into a jet - as he's always done.
Not only that, Shockwave loves to dance? It kinda makes sense according to the Kre-O universe, but if you love your Shockwave in the G1/IDW/Aligned/Animated continuities, the constant skewering will make you grit your teeth, even if it's done lightheartedly and with obvious love.
Still, it's quick, it's cute, it's printed on very nice paper, and it comes with an exclusive Orion Pax figure. It's well worth the price, and the read, especially as they have multi-page comics in between the character biographies and checklists, and I laughed out loud reading those more than once. If I had to describe this in one sentence: almost perfect, will amuse its targeted audience, but may frustrate older readers who like their details to match up, or at least be explained. I'm still definitely keeping this, and not only for that figure. I'll probably pull it out and read it again once or so a year.