Live-Action Trasnformers movie was official announced by Hasbro June 10th 2003.
Don Murphy is producer,and his official homepage at www.donmurphy.net,there is transformers forum.they are still discussing about directors.
Steven Spieberg is still a rumor,never been confirmed.and Don Murphy said Steven Spieberg is almost impossible.
at 2004 OTFCC(Official Transformers Collectors Convention),at Hasbro offical panel,people from Hasbro said,the movie still at very eary stage,script writing,will see more details at 2005 OTFCC.
The story was based on old Marvel Transformers comic,but they changed mind recently,which generation of Transformers haven't confirmed.Something already sure is Megatron will not be a pistol,Optimus Prime will be truck,Soundwave might be CDPlayer.
that's all about Live-Action Transformers movie I can tell you.
If you are interested with Transformers,www.tfw2005.com,www.tformers.com.profassional Transformers news site,news are faster(toys news even faster than Hasbro's official site),reliable than other website.