Alright! Gather round kids and I will tell you all you need to know.
For starters,
www.tfarchive.com will have all your news updates for the movie. The Transfandom is of course being overly critical of the movie. A lot of the "TRUKK NOT MUNKY" G1 folks are bitter it isn't a direct re-hash of the originaly cartoon.
Some of us are keeping an open mind and waiting until it actually opens, however the motto for Transformers fandom is "If you like the product, you're not a fan."
It's expected to be the first movie in a line of as many as seven if they can run it for that long.
It will be it's own continuity based on the original Generation 1/2 product. There are going to be five or six robots aside in the first movie and NO mass-shifting (size changing via transformation). This latter rule (for the first movie only) caused Soundwave to be written out of the script to wait for the second movie after a large amount of fan complaints on Soundwave being four feet tall. The character was changed to a character named Sound-byte (apparently. He was dubbed "Kenny-Wave" by transformers fans after he gets repeatedly ****-kicked through out the script).
Need to know anything else, just ask and I can help. If you are interested in the transformers fandom I suggest picking up the new IDW comic which is heads and heels above Dreamwave's anime art, low-story, ****e.