Michael Bay's official website got an update from the director on his future projects:

* He will be meeting later this week with Steven Spielberg, and Ehren Kruger to discuss ideas for Transformers 3. By the end of the week he should have an idea if Transformers 3 will hit your local cineplex in the summer of 2011 or 2012.
* In the meantime "Pain & Gain" is looking very possible as is...
* ...Bad Boys 3. Either film coming to a theater near you before or after Transformers 3.

If you're not familiar with Pain & Gain , it is based on this article from the Miami New Times

Beware - it's a good read, but a long article - and if Bay can adapt it into a film, I'm sure it would be quite awesome.

As for Transformers 3, lets just hope it is better than 2. I mean - don't get me wrong, the CG was amazing and the action scenes were great...but that story was pretty weak and the jokes/dialogue smelled. I am excited for Bad Boys 3. It will be awesome for Bay to take a break from Transformers - even if it does mean returning to another series he created. As a fan of Bay (with one exception - Pearl Harbor), I am usually excited for whatever he chooses to do...and all the cockiness that follows.