This from Cinemablend:
"Duhamel says he met with Michael Bay yesterday and the Transformers 3 script is now complete. They're preparing to start filming it this summer."
Sweet.
The first Transformers movie was the best out of the two. I don't think any one will argue you that. Although I liked ROTF from an action kick ass summer popcorn flick point of view, it did cram way to much stuff in there for the story to flow naturally. Hopefully, Michael Bay will correct a few of ROTF's mistakes for Transformers 3.