One of the purposes of the transformation was supposedly to help employees focus on their actual job and avoid distractions caused by the various business processes. In that respect it has been an obvious failure, precisely because of the spotlights surrounding the "Transformation". Everybody is now focused on business processes and KPOs, and nobody cares much about the actual job anymore. The target was good but the realization was poor.
Another target was to make the organization "leaner", partly by reducing the management overhead. That has also been a failure: the management has been reshuffled, many lost their VP title, but very little have left the company and the "fat" is still there. Furthermore, all these managers tend to put heavier validation processes in place for justifying their existence. In the end, it makes us more expensive, less reactive, and slower.
Finally, if you consider Engage to Excel (or more generally, the initiatives launched to improve employee engagement) as part of the Transformation, you'll soon have the answer about the success of this one. Hopefully. Negative statistics have a tendency to get buried.