It was used first in the original Transformers movie (in the 1980s), at the beginning of the final battle between Megatron and Optimus Prime, and the one who died was Prime. To anyone for whom this was a pivotal moment in Transformers, and perhaps storytelling in general, the phrase retains the capacity to terrify the hell out of you. Its use in the 2007 Transformers movie was especially effective for creating actual tension.
To be fair, Prime won the fight, and Megatron only "survived" because Unicron remade him as Galvatron. Plus Megatron used EXTREMELY dirty tricks to wound Prime.