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More precisely July 1, 2011
http://www.michaelbay.com/newsblog/newsblog.html
Well its official: We have a great Transformers 3 story. The release date is now July 1st 2011. Not 2012.
Today is Day One. This morning started with an ILM meeting for five hours in San Francisco. Currently I'm flying with writer Ehren Kruger to Rhode Island to talk to Hasbro about new characters.
P.S. Megan Fox, welcome back. I promise no alien robots will harm you in any way during the production of this motion picture. Please consult your Physician when working under my direction because some side effects can occur, such as mild dizziness, intense nausea, suicidal tendencies, depression, minor chest hair growth, random internal hemorrhaging and inability to sleep. As some directors may be hazardous to your health, please consult your Doctor to determine if this is right for you.
Pain and Gain is right after shooting of Trans 3.
It's a double edged sword. The early rumors running around stated that he was going to take a break from this series but given the bullet proof cash register that it is. They probably did not want it to stay out of the spot light for too long.