So ok. I kinda sorta read an early draft of the TF script.
And...
*possible spoilers*
Based on what I've read, it seems this is pretty much what is popping up in various scenes discussed on the net and such. While some details have probably been rewritten on the whole the thing jives with what has been discussed by people involved with the film.
All I have to say is that TF geeks don't need to get bent out of shape about Megatron.
It isn't worth the time or effort.
Really. It isn't.
And let's just say that if they don't put Rip Taylor in this then there's no chance in hell of winning an Oscar.

From the sounds of it, we're going to get an entertaining popcorn-flick with a lot of explosions and people running away from the big bads.
As a TF movie though... nah, this is shaping up more and more to be a disaster movie that might, if done right, might remain somewhat respectful of the source material, if not faithful to it.
It's by no means going to be a bad movie, but it's definately steered away from what we as the fans were expecting, at least.
Maybe the best thing we can hope for is that it does well and Hasbro therefore give us even more lines of crack...
Would you settle for Rip Torn?
JOP: Yeah. I think this has definitely become more popcorn flick. I'm still hoping, based on what I've read though, that the script was rewritten a helluva lot more. I mean, it reads like a B-movie with a budget to me.
Eve: I would never diminish the awesomeness that is Rip "Son, you're about as useful as a cock flavored lollipop." Torn by putting him in this movie.
The writers on the movie are Orci and Kurtzman. My only previous experience with those two was the short lived Bruce Campbell vehicle "Jack of All Trades." Based on that. . .
. . . expect a LOT of dick jokes. Or dick innuendo, at least.