It didn't hit me until after I watched the show , that it occurred to me how it's a mix of the two but more so the Matrix of leadership in looks wise but more Movie Allspark in it's power and how it works. It's gold with markings, opens up to reveal what they called the Well of Allsparks is also just like the Matrix of Leadership's Knowledge core. As for shape it looks nothing like the Allspark or the Matrix of Leadership. I think this is the perfect mix of attracting the younger audience while nodding to we old veterans. I'd like to bring up speculations on the title Prime. It seem it is just handed out like a normal name there is nothing special behind it. And since the Allspark is essentially the Matrix of Leadership (IMO)and was lost for ages it wasn't passed down leader to leader. Does that mean we will get other primes such as a Nemesis, or since the Dinobots are more than likely going to be in it, maybe a Big Convoy or Mammoth Prime? I know that stretching it this early on but you never know.
I personally think it's a rank in the Autobot ranks. That would explain why Optimus and Sentinel are both Prime's, and it would also help with the whole rivalry between them. It could also be a family name of some sort (kinda like last names here), which would mean that Optimus and Sentinel are related. They could be brothers, which would also help explain a rivalry between the two.
I'm leaning on it's just a name handed down with no rank implied for a plenthora of reasons, or it could be some form captain title, but they don't seem quite that adherent in the use for that. Does kinda have a last name feel in how optimus and sentinel talked though, so who knows. Or the rank aspect could be why they used first names as they are both Primes. Hope this is covered in show somehow. But I think nemesis and big convoy/mammoth prime are possible, if this lasts more seasons Megatron could decide to try and activate a makeshift clone since prime keeps thwarting him. And if Prime always wins, how would a dark prime fair? But considering some of the episode descriptions... Maybe Prime gets in megs control which is shown aestheticly as a minor dark color change to reflect he's nemesis/evil prime. Pure speculation, but it would be a cool fan nod.
Thing is, though, wouldn't Ratchet know that? He seemed surprised that someone who had gone to the Academy was in charge of them. I'm leaning more towards a "brother" connection myself. Perhaps he and Sentinel were both "destined" for greater things, but Optimus washed out whilst Sentinel didn't.