Transformer leak is a Fake, but a Nice Fake
Aint it Cool News says that they talked to Bay who said that:
The tests that they are doing right now are far more complicated and detailed... it isn't about the transformations so much as it is about getting the Transformers to act and to emote, cuz that'll be the deciding factor on whether or not this movie gets made.
Read the whole post HERE.
Of course, it still looks great and make me think that the will pull it off when the time comes.