Agreed, I haven't seen anything so far that makes me think Michael Bay will do a great job with this movie.
If you look at his previous movies...
http://http://imdb.com/name/nm0000881/In my opinion they were all terrible, so my ugess is this one will be par for the course.
And whenever Hasbro puts somehting on Hiatus, I always feel like it is gone for good, the odds of them digging it back up again in 2 or 3 years are slim, and there would have to be huge demand from the fan community.