The ASUS Transformer TF101 came with Android 3.x (Honeycomb) and has languished without an update by ASUS since July 2012. As this is still an amazing tablet / laptop thingymabob I couldn't let it rot into obsolescence there. This is where the brilliant Cyanogenmod project steps in.
Cyanogenmod is a customized, aftermarket firmware distribution for Android devices. Based on the Android Open Source Project, CyanogenMod is designed to increase performance and reliability over Android-based ROMs released by vendors and carriers. CyanogenMod also offers a variety of features & enhancements that are not currently found in these versions of Android. More importantly, installing Cyanogenmod will also remove the vendor's spyware.
You can get the available versions of Cyanogenmod for the TF101 here. I ran with cm-10-20130630-NIGHTLY-tf101.zip and have found it to be flawless thus far.
I followed the instructions provided at the official wiki Install CM for tf101. Everything went fine except for one glaring ommission: DO NOT REBOOT TO RECOVERY FROM THE OS. Use the hardware keys and you'll be fine.
Happy freedom :-D