PlayStation 2
The PS2 version is the highest-reviewed, despite limitations on draw distance, physics and damage persistence. In this version, Blackout, Starscream and Barricade start missions 1, 2, 3 and 4 of the Decepticon campaign in their altmodes, while for some reason the PS3 version has them start as robots. Reviews noted it suffers from fewer frame rate issues than other versions.
Nintendo Wii
The Wii version is very similar to the PS2 version, with the addition of motion-sensor gimmicks that reviewers were resoundingly unimpressed by.
Xbox 360
The 360 version featured improved graphics, more persistent environmental damage, and more physics objects, including ridiculous clouds of rubble that eject themselves from buildings if you so much as look at them funny. The latter is generally annoying, since they get in the way when driving.
The 360 version, as might be expected, also features Achievements, though calling them that is somewhat of an exaggeration. There's one for pressing the "transform" button once. This version suffers less from frame rate issues and has better lighting than the PS3 version.
It was also available in a limited "Cybertron Edition" that featured exclusive packaging art, a "Making Of" DVD, codes that unlock the Cybertron level and issue 1 of the Transformers movie prequel comic by Simon Furman, Don Figueroa and Josh Burcham. It was exclusive to Gamestop/EB stores.
For 500 Microsoft points, players can download an add-on that unlocks everything in the game. While this does not disable Achievements like the cheat codes do, a message that reads "This item has been unlocked by a downloadable content pack" appears below any bonus features that have not been earned through gameplay.
PlayStation 3
The PS3, like the 360 version, featured the same improved graphics, environmental damage, and extra physics objects. The same flaws, however, still apply to how the environmental damage and physics objects interact with the player. Oops.
The PS3 version suffers from more frame rate issues than the 360 version, typical of lazy porting. For some reason, this includes frame rate issues in the FMV cinematics when the console itself isn't doing anything.
SixAxis motion control is also added for Decepticons with aircraft altmodes (Blackout, Starscream and Megatron). It's disabled by default.
PC DVD-ROM
The PC version is exactly like the PS3 and Xbox 360 versions. It, however, does not feature the same exclusive flaws or bonuses of either console version. The physics are still crazy, though.

Font: https://tfwiki.net/wiki/Transformers_The_Game_(console)#Versions