Well, since info on this is starting to trickle out, might as well get the thread goin. Here's what I got so far:
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if you wanna bitch about the first movie, go here
http://theskyiscrape.com/forums/viewtopic.php?f=10&t=6738&st=0&sk=t&sd=a&hilit=transformers
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TRANSFORMERS: Revenge of the Fallen

Synopsis:
The battle for Earth has ended but the battle for the universe has just begun. After returning to Cybertron, Starscream assumes command of the Decepticons, and has decided to return to Earth with force. The Autobots believing that peace was possible finds out that Megatron's dead body has been stolen from the US Military by Skorpinox and revives him using his own spark. Now Megatron is back seeking revenge and with Starscream and more Decepticon reinforcements on the way, the Autobots with reinforcements of their own, may have more to deal with then meets the eye.



and the biggest news so far:

New Characters for Transformers 2 Revealed


It won't be too long before we get to see more giant-robot action coming with Transformers 2, and of course, fans are looking forward to seeing their favorite Autobots and Decepticons return. But just as importantly, fans want to know which new Transformers will be appearing. Well, IESB.net has gotten their hands on some of the character breakdowns, including major news about who will be joining the Decepticons this time around.

The Decepticons will be getting assistance in this film from THE CONSTRUCTICONS.
In the cartoons, their names were Scrapper, Bonecrusher, Scavenger, Mixmaster, Hook and Long Haul, the exciting news is we can expect to see them combine to form Devastator - a truly massive robot, as fans of the old Transformers cartoon series will recall. It's hard to tell what Michael Bay and his merry band of filmmaker friends will be calling the Constructicons in Transformers 2, but the above names will most likely change, especially considering that they used the name "Bonecrusher" in the first film.
But, of course, this means we get to see DEVASTATOR!!!!!!!!!!!!
Here's a concept photo:


*spooges*


Now, gettin acurate info on this might be tricky, as M.Bay has decided to be a wiseguy about the leaked info that gets out about the project:
Apparently, Michael Bay is taking action to combat the early leakage of vital Transformers 2 inside information. After the leaked production photos and concept work for the first transformers movie, Bay has decided to take a proactive stance in regards to the sequel, set to be released in June 2009. Here’s the scoop from the man himself:

“One thing I do know is I know how to screw them up more… We’re going to leak a lot of false information all over the place. I now know their game. They’re going to get a lot of script treatments that they think are going to be the script. They will never see the script. We’ve got scripts and treatments written up that we’re going to leak. No one’s going to know. There’s one out that’s fake right now. There are going to be many others.”

Hopefully he's just talkin bout scripts and not the characters, cause I'll be mega pissed if the Constructicons aren't in this.

That's a pretty cool concept photo.

Could you perhaps make it a LITTLE BIT smaller? Thanks.

That does look pretty awesome, though.

i hope half of this one doesn't have transformers, but focuses on human characters, as well

it's the only shot i found so far. I'll work on it.

found this, but it's kinda vague:

IESB has just been given the following human character/casting breakdowns -
[CHUCK] 19-25 yrs., Sam's roommate at Princeton. He runs a conspiracy theory website. Funny in an irreverent, edgy way, he is shocked to see his conspiracy theories come to life. (2nd Lead)

[U.S. MILITARY LEADER] Late 20s/early 30s, African American with a great sense of humor and a tough military presence. (Supporting lead)

[UK SPECIAL FORCES LEADER] British, in his early to mid 30s, smart and capable. Can be Caucasian, Black, East Indian. (Supporting lead)

[GALLOWAY] Early 40s-early 50s, male, National Security Advisor and presidential liaison. A curt man who is tightly wound. (Supporting Lead)

[PROFESSOR COLAN] 40s, Sam's physics professor at Princeton. He's a self-satisfied intellectual who compares himself to Einstein, and is arrogant enough to wear leather pants to look cool. (1 Scene)

[THERESA] Early 30s; she's Sgt. Epps' wife, has 4 kids, sassy and sexy, good with comedy. Submit African American actresses only

[MOMMA SIMMONS] This NY Momma is in her late 60s / early 70s. She runs a deli/ butcher shop with her son in Brooklyn. Tough and sarcastic. (1 Scene)

[MASSIVE DYNAMICS CEO] 50s, male, this Corporate CEO appears in front of congress to testify. (1 speech/scene)

[TEXAS CONGRESSMAN] 55-65 yrs., on a Congressional Committee investigating the purpose of the "Automated Defensive Initiative" developed by Massive Dynamics.

[FBI DIRECTOR] Mid 50s, male, giving a press release assuring the public they will be safe against attacks. (1 speech/scene)

[CNN REPORTER] Reporting on missile strikes and bombings in various cities. Submit male / female, all ethnicities (1 speech)

**On a related note, there is a rumor circulating on the Don Murphy message boards that Natassia Malthe has been cast aleady in Transformers 2, but we haven't not gotten any confirmation on that tidbit, so that's pure speculation at this point.

Yeah, but Bay sucks at human characters, just look at the first one. A laughable snooze fest when story and characters got in the way, an awesome action spectacle when the robots were on screen and fighting it out.

I hope the next one is 2 hours of giant fucking robots destroying each other, a big orgy of CGI porn.

Ugh, the first one was awful.

I agree with Merc. Fuck the humans, bring on the robots.
And fuck making that picture smaller. That's badass as hell.

Im pretty excited, because some of this is going to be shot in philly. Not exactly sure whre yet, but I'd love to go downtown or something and see some giant robots battling it out. I'd also love to be an extra.

I'm pretty sure you're joking, but if not...you're dumb.

ha, I just set Devastor as my background, and it stretched out so big you can't even see his head. I kind of love it. It's super ominous that way.

Robots are real!

if this movie is twice as good as the last one it'll suck

you guys are exaggerating a little bit.

I get the whole "we like fighting robots thing," but even people who really like that should have hated the first one. Half of it was awful teen comedy and the transformers getting pissed on. It sucked so badly.

I can't call it good filmmaking but it was pretty good summer popcorn movie fare. I don't even know if I'd bother to watch it at home, it needs to be big, dumb and loud. I enjoyed the action set pieces and robot CGI porn while I was there and forgot about it immediately after I left. Good enough for a movie like this as far as I'm concerned.

opining in regards to whether a Transformers movie is 'good' or 'bad' is pretty pointless. it served its purpose and banked accordingly.

Right, because movies are just money-making machines.

I started watching this at my friends (drunkenly passed out half through) on his new hi def blu reay flat shit, and it was amazing. the transformers looked so good. better than in the theatre. So it's definitely worth renting or owning if you got a good tv.