I was thinking watching the Knight Morpher, how awesome it would look like in live-action! Think about it, the setting is completly new and unique, only done once in 4 issues. The audience will never expect something like that, it would be a fresh new start with new ideas and new designs. Simply rebooting the whole thing wouldn't have the same effect since we've alredy seen robots that turn into modern cars and jets tear up a city, but something like this is new! If Cowboys & Aliens is a hit I don't see why Transformers wouldn't be able to do it. Plus being put in the past would mean that all of the alt-modes would also be dirty and scrahed up so we don't have to think of bullshit explanation why the cars are flwawles while the robots are beat up.