A new Transformers movie ?!?!?!?

I was just perusing the new movie trailers like I do from time to time and saw one labelled "transformers". I assumed that it was something else besides the cartoon series but it peeked my interest so i checkeed it out. Well I was astounded to find out that Dreamworks is producing a Live Action "Transformers" movie. I have no clue yet whether it will be based on the old 80's cartoon series or the newer ones (rest assured though that I will be snooping around) but based on the teaser trailer it looks good. The ten year old in me is quite stoked :).