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.