The internets have been ablaze this week with all sorts of rumors surrounding the upcoming Transformers live-action film. What we've heard so far is it'll be a Dreamworks project, directed by Michael Bay and executive produced by Steven Spielberg. Latest rumor-mongers have told us it'll star Jon Voight and Bernie Mac — but the cast is still being...well...cast. Also, in a post today on Michael Bay's blog, he claims the film'll be teased up with a teaser trailer on July 4th of this year — and the film is slated to hit theaters on July 4th of 2007. The biggest and coolest things we've seen so far have been some videos merging a CGI Transformer transformin' in some live-action footage. Although the one above looks to be nothing more than the work of a fan-boy, we've heard more than one person tell us the video below the jump was a real ILM CGI screen test. Also, we've got a round-up of the latest rumors on the film:

TRANSFORMERS cast update [blackfilm]
FANTASTIC FOUR 2 is coming sooner than you think... consider this fair warning! [Aint It Cool News]
And then there was one... [michael bay]

Related:
GM No Longer Marketing "Till All Are One" [internal]

(hat tip to prplhaze!)