This may be a better movie then the first two and maybe Bay has heard the cries of the fans for this one.  The movie will be released  July 1st 2011.

Info from Wikipedia

Transformers: Dark of the Moon is the third film in the Transformers film series, directed by Michael Bay and produced by Steven Spielberg. It is the sequel to Transformers and Transformers: Revenge of the Fallen and is scheduled for release on July 1, 2011 in Real D 3D. It will also be released in 2D.
Shia LaBeouf, Josh Duhamel, Tyrese Gibson, John Turturro and Ramón Rodríguez are set to reprise their starring roles, with Peter Cullen returning as the voice of Optimus Prime, and Hugo Weaving also returning the voice of Megatron. Ehren Kruger, who collaborated in the writing of the second film, was said to be again involved in the writing. Despite having initially been confirmed for the film,[1] and with the film already into principal photography, it was announced that Megan Fox would not be reprising her role from the previous two films. With Fox’s character Mikaela being dropped, Sam was assigned a new love interest, who will be played by English model Rosie Huntington-Whiteley. Also, Roberto Orci and Alex Kurtzman, having written the first two films, will not return for the third installment in the series,which Orci had earlier somewhat anticipated, fearing the duo would “risk getting stale”. Bay has stated that this will be the last installment in the series

The Autobots, led by Optimus Prime, are back in action, taking on the evil Decepticons, who are determined to avenge their defeat in 2009’s Transformers Revenge of the Fallen. In this new movie, the Autobots and Decepticons become involved in a perilous space race between the U.S. and Russia, and once again human Sam Witwicky has to come to the aid of his robot friends. There’s new characters too, including a new villain in the form of Shockwave, a longtime “Transformers” character who rules Cybertron while the Autobots and Decepticons battle it out on Earth.