Either the first or the third. I think the third because it had some good humor in it and it was really well directed. The plot was good and parts of the movie kept you guessing. THIRD
I saw the third installment two days ago and it was really good. I think it's my favorite, but I don't know; it's been a while since I've seen the others. And I've never really been a big fan of Megan Fox.
I have not seen the newest one, but I would say the first. I first has my dad's plane in it. I it is the plane that the very beginning of the movie. I agree fully with Jefferysinspiration.
The third one was so epic. They actually did pretty well without Megan Fox, and I don't think that its going to hurt Michael Bay that much. There was also a lot more action, humor, and better storyline in the third.