It's nothing like The Transporter other than Jason Statham starring; it's a total 360 in terms of style, pacing, and overall theme. The Transporter is like a watered down, politically correct, race-friendly, non-violent comparison to Crank.
And don't go see The Protector, the Weinsteins don't need anymore money. You can buy the Tom Yum Goong DVD for about as much as you'd spend on a ticket.
I think it is, if for no other reason than the setting and the different styles of traditional Muay Thai used. It's mainly more of the same, Tom Yum Goong is a little more far-fetched, but it's amazing to watch and isn't as claustrophobic as Ong Bak.