In the official Michael Bay forum post website www.shootfortheedit.com, the site admin states that he just spoke with Michael and he had this to say:
"I spoke to Michael a few minutes ago.
He said he just wants people to know that we should be able to view his movies in the format of our choice. Period.
Nothing more, nothing less."
When the site admin was asked "Does this mean he's still doing Transformers 2 if (when) it's announced officially?"
He respoded "Keep in mind he quit Pearl Harbor abut 4x during pre-production. :) "
Does this mean Transformers 2 is still on?
Also a side note, the thread that stated Michael will not direct Transformers 2 has been deleted or moved.