This was a Christmas present for my son, who loves the Transformers and is currently mostly focusing on G1. He's very happy with it. I'm not very knowledgeable about comics, but it looks to me as if the art is well drawn (i.e., they didn't spend the entire budget on the cover art and put the second-stringers inking and coloring the actual stories) and the stories are fairly solid. Some of the stories are actually quite ingenious IMHO. Sometimes we get a little confused trying to reconcile characters and events with what happened on the TV show, but that's probably standard procedure for any TV/comic/movie tie-ins.
Speaking of which -- we read a couple of book versions of "Transformers -- the Animated Series" (confusing name IMHO since G1 and a lot of other Transformers, e.g., Beast Wars, were animated!) from the more-recent TV show. Those were just a series of screen captures from the episodes, which left me feeling rather ripped off. This book (Classic Transformers), by contrast, is a real, old-fashioned comic book, where the stories are completely original and all the art was done expressly for the book.
One thing that would have been nice: There seems to be no information on when the comics were issued. That would have helped a lot with context. But, other than that, we're extremely happy with this book (and the others in the series).