I think it's wonderfully great news that Hollywood is finally sitting up and saying, "Yeah, maybe we shouldn't lose a whole lot of money and bring our film culture down by releasing terrible, expensive movies."
I have been so fascinated with this project's development. From what I heard, directors had to make a pitch for the movie in a board room with execs from Paramount (who wanted a good commercial movie), Hasbro (who wanted an opportunity for toy tie-ins) and Michael Bay, representing Platinum Dunes (who probably sat in the corner caressing his pitchfork and reeking of sulfur). Oh, to be a fly on THAT wall.
Everything seemed full steam ahead, so I wonder if McG has anything to do with the picture collapsing. After this and Terminator, I wonder if he's starting to make a few enemies, or if it's just simply bad luck/inadequate talent.