Here's what Bill had to say about the release today:
Here's the biggie: Paramount and DreamWorks have officially confirmed that Michael Bay's 2-disc Transformers: Special Edition is coming to Blu-ray Disc on 9/2. It looks as though the set will include nearly everything that was on the HD-DVD version (including the Heads-up Display option), along with BD-Live features to be announced. All the video extras will be in full HD. Get this... audio will be available in Dolby Digital 5.1, Dolby Digital Plus 5.1, Dolby TrueHD 5.1 AND Uncompressed PCM 5.1. Again, we're told that the film itself also has a new video encode, optimized for Blu-ray, supervised by Bay himself. Nice. We'll post more details and artwork as they come in from the studio.
So there will be uncompressed audio, and some BD-Live features, plus a new video encode.