I'd be for doing a proper version, except that it's not like they've bombed. The movies have grossed far in excess of their cost, and if anything, instead of starting from scratch, it'll just be taken on by a new team.
Having said that, I'd love it if they went with the more traditional, and most successful of the TV series from the 80s. The absolute best thing they did with the movies has been casting the core transformers voices, but little else has been as good as it should have been, least of all the transformers designs, cool as they are, they're just not what almost any of us remember. I can buy that having Optimus being as tall as he is he'd need to have the front engine, not the COE, that kind of thing I can buy. Turning Bumblebee into a Camaro from a bug, well, that's obviously a sponsorship deal with the manufacturer, and it's a shame they didn't make the same deal with VW, but I can buy that, but it's just not right how many pieces everything was meant to have, given that in the film, Bumblebee changes the platform he's based on because of the mechanics within being on a molecular level. If it can be molecular, why does it even need to have a cohesive shift? Why aren't they all just like Alice (Isabel Lucas' character), if they have thath much coherent mechanical cognition?