Steven Spielberg spoke to IGN about the plans for Transformers 2 and from the looks of things, they'll be able to get things rolling before the Hollywood strike occur's.

Transformers 2 is rapidly being prepared for production. Spielberg, who executive-produced the first film, said that the story will be going out within the next 30 days.

Also...

 Speaking from Universal Studios in Hollywood, Calif., Spielberg also said that LeBeouf will be returning to the role of Sam for "multiple" Transformers films.

This is great news.  One of the concern's that many people have had is the fact that no work has been done since Transformers came out in July, but now things look like they may be going foward after all.  I myself have a concern.  Do they have enough time to write a script and film the movie before June?  Well, realistically, yes they do.  It doesn't take that long to shoot a movie, maybe 4 to 5 months.  I just feel that because its being fast tracked into production, it may hurt the film.  If they can get the same writers back, who are currently working on Star Trek, they may very well have an easy time getting a script together, because I have no doubt that when they wrote the first one, they put notes aside for the sequel.

As for Shia coming back for the sequel.... did anyone ever doubt that?

I really hope things work out, and Transformers 2 can deliver the same if not better experience then the first film.  So I send out a good luck to all involved in making the film.

- Phil