I didn't go with him, but DH did say there are a lot of sexual references.
I think it personally depends on how your children deal with that sort of thing; if they're used to that type of references in movies, it's nothing new. If you're unsure though, I say wait until it comes out for rent, watch it first, and then decide. Every kid handles things differently; only you know how your kiddos would react or if it'd be too much for them.
He said there's not too many explosions this time around, but he was surprised with the sexual references. There are apparently two Transformers that are causing issues with the NAACP, too. A lot of stereotyping that they aren't happy with, from what he told me and what I've read.