More Than Meets The Eye: Transformers coming to the big screen, via Dreamworks.

A quick check on writer/producer Tom DeSanto on the Internet Movie Database shows he worked on the X-films, so there's hope.

And the IMDB also lists Peter Cullen and Frank Welker in the cast--the original voices of Optimus Prime and Megatron. The IMDB is known for being inaccurate, but I really hope that one's true--it would be as good a casting choice as Jack Black was a bad one.