This graphic novel is a collection of Issues 6-10 of Transformers Spotlight, a series of issues in which each one focuses on a single transformer but all the stories fit into the bigger Transformers Universe of IDW comics. The characters in this book are, in order, Soundwave, Kup, Galvatron, Optimus Prime and Ramjet.
First of all, who this book is not for: if you have no interest in following the Transformers comic world, forget about this comic right now. It is NOT a stand-alone story, and the plot twists are convoluted even for those who are following the entire thread. However, if you have some interest in the Transformers G1 world, you probably owe it to yourself to pick up the IDW transformers comics: Simon Furman is putting together the richest Transformers world we have seen since his run on Marvel Comics in the late 1980s. The depths of the characters are being explored, and the traditional catch-all transformers gimmicks (the Matrix, Unicron, etc) are being avoided.
Right now, the current books that comprise this universe are Infiltration, Stormbringer, Escalation, Spotlight 1 & 2, and the upcoming Devastation. If you want to start somewhere, I recommend Infiltration and Stormbringer. If those are interesting to you, by all means get the rest!