Has a nice visual style, and TF is a good brand for action. I don't know though what they can do with the "transforming" aspect of Transformers though as this looks like straight brawling (and if it is PlatinumGames, they aren't known for locomotion aside from some long knee-slides in Vanquish.) I'm guessing the project fit an engine and a franchise and that was that, but if it turns out good then so be it.
On the fly switching between robot and vehicle to combo the living hell out of the Decepticons would be so awesome.
No way that vehicles will be anything but an afterthought. The Atari 2004 game by Melborne House was a massive challenge and just barely worked, and none of the other TF games from High Moon or TT or Luxoflux met that challenge of scale. Even the Cybertron games, which managed to successfully include vehicle play with the robot shooting, they still focused on doing right what they could.