Aw come on, man! Have some faith! There's no new Trans-Ams today anyways. I agree with the Camaro idea, but GM was given the offer - in fact they put the idea out to all of the big Three - Ford was the only who responded.
I also would have been happy if Transformers had stuck to the original vehicles, but honestly, you'd have to work your ass off to make a modern Volkswagon beetle cool!! Sometimes you gotta bend the lines and break the rules.
If the story sticks, if the car is a little less BS than the car used in the quickly-forgotten show "Viper," then it should work. My fear is that there's a standard mode and an "attack" mode - sounds a lot like the Super Pursuit Mode from the 80's version. The two modes don't have much differences besides body stuff it appears - nothing too crazy either, but the usage/alteration between the modes could end up being lame... Then again, people dig things transforming.
These days it's pretty tough to make everyone happy. Hey - at least they stuck with an American car... It could be a Toyota Supra or something lame like that...
Jeff