Barring an actors strike (their contracts expire late June, 2008--don't count on it happening, though), it looks like they'll be able to start production soon. The visual effects look amazing, according to actor Shia LeBeouf and visual FX supervisor Scott Farrar. There will be more robots in the film, too. But no dinobots. "Me Grimlock not happy about decision!"
My thoughts: Bring it on! Transformers 2 was the best action movie last summer, along with Live Free Or Die Hard. The film had some issues, like the extended bit with the glasses/All Spark map, but I felt Shia really gave it life. I also thought the visual FX were the best in years, and made me feel that I'm not too jaded about CGI. I hope the movie wins an Oscar for FX; it's already done well in other FX awards.
Source: Superhero Hype!