Please PLEASE tell me Reave is going to do a "Resparked" version of Revenge of the Fallen.
There's a good movie in there, somewhere. What I'd remove/cut down:
Sam's mom.
The roomate intro/computer crap
The Twins. As in, COMPLETELY remove. They are completely useless.
Much of the "humor" with Simmons and the roomate.
Much of the "humor" with Wheelie and Jetfire.
The dog humping.
Tighten the battle scenes
Slow down the two big Prime fights