The Art is Horrendous and the last couple of issues have some pacing problems, but all in all I recall liking the story enough.
Story is kind of boring garbage with no real impact on anything else in the Movieverse, Soundwave is only a big player in the first issue or two, but the real flaw is that the art is god-awful horrendous. Carlos Magno may be a fine artist for other works, but his Transformers art is terrible and makes the comic unreadable.
It sure is a whole lotta Magno. I don't recall the story being too horrendously bad, but... wowza that art.
It's hardly fair to accuse a movie sequel comic written with no knowledge of what the next film will be about of not changing the status quo. The whole point of things like Nefarious (and its forebearer The Reign of Starscream) is to tell a neat little story whilst still leaving everything more-or-less as you found it to avoid inadvertently contradicting future films. It's been a while since I last read Nefarious, but it was okay from what I remember. I would say that you should read it, though, out of overall interest in IDW's film continuity, not just because you like Soundwave, or else you might come out disappointed.
I enjoyed it, it's not Furman's best or IDW's second best even (because trying to compare anything with MTMTE is ridiculous) but I enjoyed it. Art isn't the best though avoid the cover Bs if you can The A's and RIs at least give the allusion of good art if you like the films. EDIT: 600th post!
The story is OK. Nothing really bad, but nothing really good either - pretty much the embodiment of filler. The art is atrocious, though. So then the humans, backgrounds and everything else in that miniseries were Bayformer designs too? Because those were all drawn just as poorly as the TFs.
Er... you really are rong. Griffith and Milne have both been able to pull of the designs really well in their respective stories. Magno on the other hand is just not good.