AICN has some details on the Transformers Movie, which is still in the planning stages.
"The plan with the movie is that it will combine live action with CGI. I think it's going to be something the audience has never seen before. In all the years of movie-making, I don't think the image of a truck transforming into a 20-foot tall robot has ever been captured on screen. I also want to make a film that's a homage to 1980s movies and gets back to the sense of wonder that Hollywood has lost over the years. It will have those Spielberg-ian moments where you have the push-in on the wide-eyed kid and you feel like you're 10 years old even if you're 35. That's the energy I want to go for."
DeSanto says that the film will be based on Generation One and set on Earth and that he's been rewatching all the cartoons and reading all the comics.