Doing a live version of The Transformers sounds, on the surface, like a bad idea. Hopefully, there's "more than meets the eye".
Transformers was one of the first of the great Japanese Robot Transforming animes. All of these series were great riffs on the fascination that Japanese adolescent young men had with Samurai armor.
The genre did produce two high quality "robot" anime (also known as "mecha" anime), The Vision of Escaflowne and Neon Genesis Evangelion:
Hitomi and other characters from The Vision of Escaflowne
The lead characters of Neon Genesis Evangelion
Transformers isn't the only anime series to go live action. Evangelion is in pre-production for a live action version.
Be Seeing You,
Chris